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Shift In Sentiment Gives Pound Bearish Trading Bias

Shift In Sentiment Gives Pound Bearish Trading Bias

2017-11-02 18:00:00
Dylan Jusino,
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Shift In Sentiment Gives Pound Bearish Trading Bias

GBPUSD: Retail trader data shows 67.4% of traders are net-long with the ratio of traders long to short at 2.07 to 1. The number of traders net-long is 50.2% higher than yesterday and 36.4% higher from last week, while the number of traders net-short is 26.4% lower than yesterday and 13.2% 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. 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 Dylan Jusino, DailyFX Research

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

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