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British Pound Sentiment Turns Negative

British Pound Sentiment Turns Negative

Christopher Vecchio, CFA, Senior Strategist
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

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

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