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GBPUSD is Unlikely to Break Above Resistance at 1.34

GBPUSD is Unlikely to Break Above Resistance at 1.34

Abdullah Alamoudi, Contributor
GBP/USD

Net-Long Traders Remain Above 70%

GBPUSD: Retail trader data shows 71.0% of traders are net-long with the ratio of traders long to short at 2.45 to 1. In fact, traders have remained net-long since Apr 20 when GBPUSD traded near 1.42353; price has moved 5.8% lower since then. The number of traders net-long is 1.6% lower than yesterday and 5.1% lower from last week, while the number of traders net-short is 0.4% lower than yesterday and 5.2% lower from last week.

GBPUSD Continues to Trade With 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 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.

--- Written by Abdullah AlAmoudi, DailyFX Research

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

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