GBP/USD IG Client Sentiment: Our data shows traders are now net-long GBP/USD for the first time since Oct 02, 2020 when GBP/USD traded near 1.29.
Number of traders net-short has increased by 1.73% from last week.
CHANGE IN LONGS
CHANGE IN SHORTS
CHANGE IN OI
GBP/USD: Retail trader data shows 50.42% of traders are net-long with the ratio of traders long to short at 1.02 to 1. In fact, traders have remained net-long since Oct 02 when GBP/USD traded near 1.29, price has moved 0.05% higher since then. The number of traders net-long is 10.06% higher than yesterday and 12.41% higher from last week, while the number of traders net-short is 21.28% lower than yesterday and 1.73% higher 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 Oct 02, 2020 when GBP/USD traded near 1.29. 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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.