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DailyFX Home / Forex Technical Analysis / Speculative Sentiment Index

SSI: The Speculative Sentiment Index

Symbol LastWeek Present %Long Change:
Open Interest
Signals Chart Links

The SSI is reported Every Thursday at DailyFX.com and twice every trading day inside DailyFX PLUS.


British Pound Likely to Test Critical Lows

British Pound Likely to Test Critical Lows

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GBPUSDOne-sided retail FX trader positioning warns that the Sterling may continue to trade into fresh lows versus the resurgent US Dollar.

Trade Implications – GBPUSD: Our data shows that approximately 55 percent of traders in our sample are currently long the GBP versus the USD, which gives us a modestly bearish contrarian trading bias. It’s nonetheless important to note that this is a significant pullback from the 70 percent we saw two months ago. The moderation suggests that momentum will slow as the Sterling approaches critical lows near $1.60.

A sustained flip towards crowd selling would help confirm a potentially important GBPUSD price low. And indeed a GBPUSD break above key trendline resistance favors a larger correction higher.

See next currency section:USDJPY - US Dollar Predicted to Test Highs versus Yen

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

British Pound Likely to Test Critical Lows

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