GBPUSD: 48% of Traders Are Net-Long
TRADERS NET-SHORT INCREASED BY 22.3% FROM LAST WEEK
GBPUSD: Retail trader data shows 48.0% of traders are net-long with the ratio of traders short to long at 1.08 to 1. The number of traders net-long is 0.2% higher than yesterday and 2.7% lower from last week, while the number of traders net-short is 0.8% higher than yesterday and 22.3% higher from last week.
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GBPUSD: SENTIMENT SUGGEST A BULLISH TRADING BIAS
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests GBPUSD prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBPUSD-bullish contrarian trading bias.
--- Written by Nancy Pakbaz, CFA, DailyFX Research
Follow Nancy on Twitter @ NancyPakbazFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.