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British Pound Sentiment Turns Negative

British Pound Sentiment Turns Negative

2017-10-05 15:21:00
Christopher Vecchio, CFA, Senior Strategist
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British Pound Sentiment Turns Negative

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

GBPUSD: Retail trader data shows 50.2% of traders are net-long with the ratio of traders long to short at 1.01 to 1. The percentage of traders net-long is now its highest since Sep 01 when GBPUSD traded near 1.29512. The number of traders net-long is 3.5% higher than yesterday and 34.7% higher from last week, while the number of traders net-short is 3.6% lower than yesterday and 21.8% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBPUSD prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBPUSD-bearish contrarian trading bias.

--- 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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