The ratio of long to short positions in the GBPUSD stands at 1.49 as nearly 60% of traders are long, according to the FXCM execution desk data on the positioning of more than 6000 retail traders. In detail, long positions are 3.0% higher than yesterday and 72.6% stronger since last week. Short positions are 1% higher than yesterday and 9.1% weaker since last week. Open interest is 2.2% stronger than yesterday and 16.1% above its monthly average. In the past, when retail was long and buying more, the GBPUSD has sold off in the following days. The SSI gives us a STRONG SIGNAL TO SELL GBPUSD.
We have been calling for a rally in the EURUSD since the pair was trading at 1.26. Find our more in the DailyFX Forum.
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