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of clients are net short.
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  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.16% Gold: -0.87% Silver: -1.70% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/2ZM2rM1kJN
  • Well one $NDX trendline is dead and gone after today's rout and secondary support is coming up quick near 12,760 https://t.co/hJSPch42Zm
  • Wall Street IG Client Sentiment: Our data shows traders are now net-long Wall Street for the first time since Mar 05, 2021 when Wall Street traded near 31,529.20. A contrarian view of crowd sentiment points to Wall Street weakness. https://www.dailyfx.com/sentiment https://t.co/zeXYkoKVW6
  • Nasdaq extends its selloff as tech stocks slide further due to surging bond yields. Get your #Nasdaq market update from @RichDvorakFX here: https://t.co/eEeeFpFYiF https://t.co/AFfRIHZMgr
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.05%, while traders in GBP/USD are at opposite extremes with 67.50%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/dhdLOMU0TX
  • Nasdaq Extends Slide, Bond Yields Spike on Fed Taper Fears -via @DailyFX Link to Analysis: https://www.dailyfx.com/forex/market_alert/2021/05/12/nasdaq-extends-slide-bond-yields-spike-on-fed-taper-fears.html #StockMarket $NDX $QQQ https://t.co/e08fA8Wy73
  • US Treasury Department: - U.S. ran record $1.9 trillion budget deficit in first 7 months of FY2021 - Federal outlays climbed 22% to $4.1 trillion from Oct. through April - Revenues rose 16%, reflecting 2020 tax deferrals
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: FTSE 100: -0.28% Germany 30: -0.28% France 40: -0.34% Wall Street: -1.41% US 500: -1.71% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/PfhSpL5XsO
  • 🇺🇸 Monthly Budget Statement (APR) Actual: $-226B Expected: $-220B Previous: $-660B https://www.dailyfx.com/economic-calendar#2021-05-12
  • We've taken out short-term support on $SPX. Bigger levels below though. For this index, it is 4,000. For the Nasdaq 100, which has a floor more immediately at hand, it is 13,000 https://t.co/KeHxTw81Ht
British Pound Outlook Calls for Further Gains

British Pound Outlook Calls for Further Gains

David Rodriguez, Head of Product
British Pound Outlook Calls for Further Gains

Why and how do we use IG Client Sentiment in trading? See our guide.

GBPUSD: Retail trader data shows 42.3% of traders are net-long with the ratio of traders short to long at 1.37 to 1. The percentage of traders net-long is now its lowest since Mar 26 when GBPUSD traded near 1.2514. The number of traders net-long is 3.9% lower than yesterday and 25.8% lower from last week, while the number of traders net-short is 18.9% higher than yesterday and 30.2% 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. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBPUSD-bullish contrarian trading bias.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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