British Pound Turns Bullish As Shorts Fall by 16%
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GBPUSD: Retail trader data shows 36.5% of traders are net-long with the ratio of traders short to long at 1.74 to 1. In fact, traders have remained net-short since Apr 12 when GBPUSD traded near 1.23716; price has moved 4.6% higher since then. The number of traders net-long is 0.3% higher than yesterday and 15.9% lower from last week, while the number of traders net-short is 3.6% higher than yesterday and 0.2% 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.
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