Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.
GBPUSD – A major shift in trader sentiment warns that the British Pound may trade to further highs versus the suddenly-downtrodden US Dollar.
Trade Implications – GBPUSD: Our retail FX trader sample has remained steadily long the British Pound since it pair traded below $1.6900. Yet total long interest has fallen 22 percent since last week, while short positions are up by 7 percent.
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 – Danger Grows of Larger Correction in USDJPY
— Written by David Rodriguez, Quantitative Strategist for DailyFX.com
Automate our SSI-based trading strategies via Mirror Trader free of charge
To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.
Contact David via
Twitter at https://www.twitter.com/DRodriguezFX