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British Pound Forecast to Rally even Further

British Pound Forecast to Rally even Further

David Rodriguez, Head of Product
British Pound Forecast to Rally even Further

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GBPUSD: Retail trader data shows 40.2% of traders are net-long with the ratio of traders short to long at 1.49 to 1. In fact, traders have remained net-short since Jun 23 when GBPUSD traded near 1.27744; price has moved 3.1% higher since then. The number of traders net-long is 9.5% higher than yesterday and 16.8% lower from last week, while the number of traders net-short is 4.2% higher than yesterday and 9.4% 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. Until we see a more sustained shift in sentiment, however, we expect the GBPUSD to continue onto fresh near-term highs.

See next article in this week’s report:USDJPY - Is the Dollar a Buy or Sell versus Japanese Yen?

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

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