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GBPUSD: Direction Remains Unclear

GBPUSD: Direction Remains Unclear

2019-01-23 21:30:00
Nancy Pakbaz, CFA, Markets Writer
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GBPUSD

NET-SHORT POSITIONS INCREASE FROM LAST WEEK

GBPUSD: Retail trader data shows 50.2% 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 12.6% lower than yesterday and 7.1% lower from last week, while the number of traders net-short is 23.7% higher than yesterday and 10.2% higher from last week.

SENTIMENT SHIFT WARNS GBPUSD MAY REVERSE HIGHER

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBPUSD prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current GBPUSD price trend may soon reverse higher despite the fact traders remain net-long.

--- Written by Nancy Pakbaz, CFA, DailyFX Research

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

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