Yesterday the ratio was 1.27 l ong positions are 7.6% lower than yesterday and 4.2% below levels seen last week.A summary of the DailyFX Speculative Sentiment Inde x (SSI) shows traders remain net long sterling- the ratio stands at just 1.10 (52% of traders are long )- weak bearish reading.
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Review these principles in the " Traits of Succe s sfu l T raders ” series. Keep in mind we also FOMC Minutes tomorrow and UK Retail Sales on Thursday.Īvoid the pitfalls of near-term trading strategies by steering clear of classic mistakes. We’re also tracking a similar setup in GBPJPY. A breach higher eyes subsequent resistance objectives at the February high-day close at 1.4588-1.46, an area where the near-term rally would start to look vulnerable. Near-term resistance stands at 1.4528/33 - a region defined by last week’s high and the monthly high-day close (that was the day we tested & failed at the 2016 open 1.4730). employment releases, the immediate focus remains higher / looking to buy pullbacks while above confluence support at 1.4405 with a break below the weekly open at 1.4346 needed to shift the near-term outlook back to the short-side. ” Sterling opened the week at this parallel on building divergence and we’ve been tracking this rally on SB Trade Desk since the open. Technical Outlook: Last week I noted that, “ From a trading standpoint, the move off parallel resistance noted last week remains in focus and I would be looking for support heading into the lower median-line parallel (blue). Check out FXCM’s Forex Trading Contest!.
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