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British Pound Set to Reverse Based on this

British Pound Set to Reverse Based on this

DailyFX Research,
British Pound Set to Reverse Based on this

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

GBPUSD: Retail trader data shows 41.7% of traders are net-long with the ratio of traders short to long at 1.4 to 1. In fact, traders have remained net-short since Apr 12 when GBPUSD traded near 1.23717; price has moved 4.3% higher since then. The number of traders net-long is 9.7% higher than yesterday and 15.2% higher from last week, while the number of traders net-short is 1.2% higher than yesterday and 3.4% lower 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. Yet traders are less net-short than yesterday and compared with last week. Recent changes in sentiment warn that the current GBPUSD price trend may soon reverse lower despite the fact traders remain net-short.

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

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