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British Pound May Hold Gains versus Dollar

British Pound May Hold Gains versus Dollar

David Rodriguez, Head of Product
British Pound May Hold Gains versus Dollar

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

GBPUSD: Retail trader data shows 41.2% of traders are net-long with the ratio of traders short to long at 1.43 to 1. In fact, traders have remained net-short since Apr 12 when GBPUSD traded near 1.24364; price has moved 4.0% higher since then. The number of traders net-long is 10.0% higher than yesterday and 11.6% lower from last week, while the number of traders net-short is 9.1% higher than yesterday and 10.9% 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.

See next article in this week’s report: USDJPY - US Dollar Likely to Continue Lower versus Japanese Yen

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

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