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British Pound Forecast Hinges on the Crowd’s Next Move

British Pound Forecast Hinges on the Crowd’s Next Move

2018-02-23 18:59:00
David Rodriguez, Head of Business Development
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British Pound Forecast Hinges on the Crowd’s Next Move

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

GBPUSD: Retail trader data shows 50.1% of traders are net-long with the ratio of traders long to short at 1.01 to 1. The number of traders net-long is 5.3% lower than yesterday and 1.6% higher from last week, while the number of traders net-short is 11.4% higher than yesterday and 0.8% 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. 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.

See next article in this week’s report:USDJPY - US Dollar Likely to Fall even Further versus Japanese Yen

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

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