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British Pound Outlook Turns Positive

British Pound Outlook Turns Positive

David Rodriguez, Head of Product

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

GBPUSD: Retail trader data shows 48.5% of traders are net-long with the ratio of traders short to long at 1.06 to 1. The number of traders net-long is 10.8% lower than yesterday and 13.4% lower from last week, while the number of traders net-short is 0.5% higher than yesterday and 0.6% 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. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBPUSD-bullish contrarian trading bias.

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

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

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