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British Pound Turns Bullish As Shorts Fall by 16%

British Pound Turns Bullish As Shorts Fall by 16%

DailyFX Research,
British Pound Turns Bullish As Shorts Fall by 16%

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

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.

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

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