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British Pound May Soon Reverse Lower

British Pound May Soon Reverse Lower

Christopher Vecchio, CFA, Senior Strategist
British Pound May Soon Reverse Lower

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

GBPUSD: Retail trader data shows 34.0% of traders are net-long with the ratio of traders short to long at 1.94 to 1. In fact, traders have remained net-short since Sep 05 when GBPUSD traded near 1.29615; price has moved 3.5% higher since then. The number of traders net-long is 9.7% higher than yesterday and 11.4% higher from last week, while the number of traders net-short is 3.5% lower than yesterday and 8.5% 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. 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.

--- Written by Christopher Vecchio, CFA, Senior Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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

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