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GBP/USD IG Client Sentiment: Our data shows traders are now net-long GBP/USD for the first time since Jul 20, 2020 when GBP/USD traded near 1.27.

GBP/USD IG Client Sentiment: Our data shows traders are now net-long GBP/USD for the first time since Jul 20, 2020 when GBP/USD traded near 1.27.

2020-09-10 18:23:00
Research, Research Team
Share:
GBP/USD Client Positioning

Number of traders net-short has decreased by 28.84% from last week.

SYMBOL

TRADING BIAS

NET-LONG%

NET-SHORT%

CHANGE IN LONGS

CHANGE IN SHORTS

CHANGE IN OI

GBP/USD

BEARISH

50.23%

49.77%

2.85% Daily

32.43% Weekly

-13.96% Daily

-28.84% Weekly

-6.26% Daily

-7.30% Weekly

GBP/USD: Retail trader data shows 50.23% of traders are net-long with the ratio of traders long to short at 1.01 to 1. In fact, traders have remained net-long since Jul 20 when GBP/USD traded near 1.27, price has moved 1.18% higher since then. The number of traders net-long is 2.85% higher than yesterday and 32.43% higher from last week, while the number of traders net-short is 13.96% lower than yesterday and 28.84% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBP/USD prices may continue to fall.

Our data shows traders are now net-long GBP/USD for the first time since Jul 20, 2020 when GBP/USD traded near 1.27. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBP/USD-bearish contrarian trading bias.

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