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Net-Short GBP/USD Positioning Dwindling

Net-Short GBP/USD Positioning Dwindling

2017-10-03 15:50:00
Christopher Vecchio, CFA, Senior Strategist
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Net-Short GBP/USD Positioning Dwindling

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

GBPUSD: Retail trader data shows 46.1% of traders are net-long with the ratio of traders short to long at 1.17 to 1. In fact, traders have remained net-short since Sep 05 when GBPUSD traded near 1.29512; price has moved 2.4% higher since then. The number of traders net-long is 15.9% higher than yesterday and 35.6% higher from last week, while the number of traders net-short is 6.8% lower than yesterday and 26.6% 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. 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

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