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GBP Price May Go Lower As Sentiment Sours

GBP Price May Go Lower As Sentiment Sours

Dylan Jusino,
GBP Price May Go Lower As Sentiment Sours

GBPUSD: Retail trader data shows 56.3% of traders are net-long with the ratio of traders long to short at 1.29 to 1. The number of traders net-long is 5.7% lower than yesterday and 40.8% higher from last week, while the number of traders net-short is 8.9% lower than yesterday and 30.5% 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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