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British Pound Trend May have Changed versus Dollar

British Pound Trend May have Changed versus Dollar

David Rodriguez, Head of Product
British Pound Trend May have Changed 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 38.8% of traders are net-long with the ratio of traders short to long at 1.58 to 1. In fact, traders have remained net-short since Jun 23 when GBPUSD traded near 1.26787; price has moved 2.0% higher since then. The number of traders net-long is 2.9% higher than yesterday and 10.2% higher from last week, while the number of traders net-short is 4.4% lower than yesterday and 1.8% 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. 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.

See next article in this week’s report:USDJPY - US Dollar Remains a Buy versus Japanese Yen

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