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GBPUSD: Traders Remain Net-Long

GBPUSD: Traders Remain Net-Long

2019-04-16 16:40:00
Nancy Pakbaz, CFA, Markets Writer
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GBPUSD

69.6% OF TRADERS ARE NET-LONG

GBPUSD: Retail trader data shows 69.6% of traders are net-long with the ratio of traders long to short at 2.29 to 1. In fact, traders have remained net-long since Mar 26 when GBPUSD traded near 1.3205; price has moved 1.2% lower since then. The number of traders net-long is 2.6% higher than yesterday and 6.1% lower from last week, while the number of traders net-short is 8.8% lower than yesterday and 2.4% higher from last week.

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GBPUSD:SENTIMENT PROMPTS A BEARISH TRADING BIAS

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 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.

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