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  • The US Dollar seems to be back on the offensive against its major counterparts, pressuring EUR/USD and NZD/USD lower as USD/JPY consolidates. USD/CHF surges past key resistance. Get your market update from @ddubrovskyFX here:https://t.co/MrLGSp7FYa https://t.co/J0vSWHaADc
  • Gold prices gain as potential systemic risks out of China's Evergrande Group roil broader markets. Meanwhile, iron ore is ticking higher after a big drop on Monday as China steps up steelmaking curbs. Get your market update from @FxWestwater here:https://t.co/l4kAWDrr7M https://t.co/nmP0MX8LGM
  • 🇯🇵 Core Inflation Rate YoY (AUG) Actual: 0.0% Expected: 0% Previous: -0.2% https://www.dailyfx.com/economic-calendar#2021-09-23
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  • Gold remains higher despite positive Evergrande news out of China. Meanwhile, copper bulls are pushing prices upward as the potential for a housing crisis in China ebbs. Get your market update from @FxWestwater here:https://t.co/TK3MNntBdA https://t.co/T6CPbFLv9f
  • RT @FxWestwater: $AUDUSD, $AUDJPY Surge Despite Rising Treasury Yields, Looming Evergrande Risks Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/09/23/AUDUSD-AUDJPY-Surge-Despite-Rising-Treasury-Yields--Looming-Evergrande-Risks.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.c…
  • Heads Up:🇯🇵 Core Inflation Rate YoY (AUG) due at 23:30 GMT (15min) Expected: 0% Previous: -0.2% https://www.dailyfx.com/economic-calendar#2021-09-23
  • Heads Up:🇯🇵 Inflation Rate Ex-Food and Energy YoY (AUG) due at 23:30 GMT (15min) Previous: -0.6% https://www.dailyfx.com/economic-calendar#2021-09-23
  • Heads Up:🇯🇵 Inflation Rate YoY (AUG) due at 23:30 GMT (15min) Previous: -0.3% https://www.dailyfx.com/economic-calendar#2021-09-23
Pound Strength to Continue Based on Sentiment

Pound Strength to Continue Based on Sentiment

Dylan Jusino,
Pound Strength to Continue Based on Sentiment

GBPUSD: Retail trader data shows 34.1% of traders are net-long with the ratio of traders short to long at 1.93 to 1. In fact, traders have remained net-short since Dec 28 when GBPUSD traded near 1.33732; price has moved 3.8% higher since then. The number of traders net-long is 8.2% lower than yesterday and 17.6% lower from last week, while the number of traders net-short is 6.2% lower than yesterday and 14.6% higher 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. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBPUSD-bullish 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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