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Cable (GBP/USD) has now dropped to 1.3026[3] and briefly traded as low as 1.2999[4] earlier today as over 74% of retail traders are now long according to the Speculative Sentiment Index (SSI).
As I mentioned previously, SSI is a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that GBP/USD may continue lower. The trading crowd has grown further net-long from yesterday and last week. The combination of current sentiment and recent changes gives a further bearish trading bias.
