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British Pound Direction Uncertain, but Trend Favors Gains

British Pound Direction Uncertain, but Trend Favors Gains

David Rodriguez, Head of Product
British Pound Direction Uncertain, but Trend Favors Gains

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

GBPUSD: Retail trader data shows 40.5% of traders are net-long with the ratio of traders short to long at 1.47 to 1. In fact, traders have remained net-short since Jun 23 when GBPUSD traded near 1.27733; price has moved 2.0% higher since then. The number of traders net-long is 6.6% higher than yesterday and 3.5% higher from last week, while the number of traders net-short is 20.5% higher than yesterday and 0.5% 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 more net-short than yesterday but less 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 Remains a Sell versus Japanese Yen

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

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