British Pound Forecast Unclear until this Changes

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GBPUSD: Retail trader data shows 54.8% of traders are net-long with the ratio of traders long to short at 1.21 to 1. The number of traders net-long is 4.2% lower than yesterday and 12.0% higher from last week, while the number of traders net-short is 16.8% higher than yesterday and 15.2% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBPUSD prices may continue to fall. Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed GBPUSD trading bias.