British Pound Sentiment Eases, Now Neutral
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GBPUSD: Retail trader data shows 55.6% of traders are net-long with the ratio of traders long to short at 1.25 to 1. The number of traders net-long is 3.1% higher than yesterday and 28.5% higher from last week, while the number of traders net-short is 9.4% higher than yesterday and 15.2% 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. Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed GBPUSD trading bias.
--- Written by Christopher Vecchio, CFA, Senior Currency Strategist
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