GBP/USD Goes Into Weekend with Mixed Trading Bias
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Net-Long Traders Remain Above 70%
GBPUSD: Retail trader data shows 70.7% of traders are net-long with the ratio of traders long to short at 2.42 to 1. In fact, traders have remained net-long since Apr 20 when GBPUSD traded near 1.42373; price has moved 6.3% lower since then. The number of traders net-long is 3.2% lower than yesterday and 11.7% lower from last week, while the number of traders net-short is 7.0% lower than yesterday and 2.5% lower from last week.
GBPUSD Shifts to Mixed Bias
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 more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed GBPUSD trading bias.
--- Written by Abdullah AlAmoudi, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.