GBP/USD IG Client Sentiment: Our data shows traders are now net-short GBP/USD for the first time since Jun 18, 2020 when GBP/USD traded near 1.24.
Number of traders net-short has increased by 13.59% from last week.
CHANGE IN LONGS
CHANGE IN SHORTS
CHANGE IN OI
GBP/USD: Retail trader data shows 49.66% of traders are net-long with the ratio of traders short to long at 1.01 to 1. In fact, traders have remained net-short since Jun 18 when GBP/USD traded near 1.24, price has moved 0.43% higher since then. The number of traders net-long is 13.24% lower than yesterday and 5.75% lower from last week, while the number of traders net-short is 8.05% higher than yesterday and 13.59% higher from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests GBP/USD prices may continue to rise.
Our data shows traders are now net-short GBP/USD for the first time since Jun 18, 2020 when GBP/USD traded near 1.24. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBP/USD-bullish contrarian trading bias.
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