British Pound Outlook Remains Mixed - Next Move is Key

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GBPUSD: Retail trader data shows 48.5% of traders are net-long with the ratio of traders short to long at 1.06 to 1. The number of traders net-long is 4.1% higher than yesterday and 8.7% lower from last week, while the number of traders net-short is 3.6% higher than yesterday and 1.6% higher from last week.

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