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GBPUSD: 73.4% of Traders Remain Net-Long

GBPUSD: 73.4% of Traders Remain Net-Long

2019-04-29 20:10:00
Nancy Pakbaz, CFA, Markets Writer
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gbpusd

TRADERS REMAIN NET-LONG SINCE MARCH 26

GBPUSD: Retail trader data shows 73.4% of traders are net-long with the ratio of traders long to short at 2.75 to 1. In fact, traders have remained net-long since Mar 26 when GBPUSD traded near 1.31286; price has moved 1.5% lower since then. The number of traders net-long is 7.5% higher than yesterday and 5.9% lower from last week, while the number of traders net-short is 9.4% higher than yesterday and 10.5% higher from last week.

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GBPUSD: RECENT SUGGESTS 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.Though traders are less net-long than yesterday and compared with last week, these changes are relatively small. As a result, the current sentiment suggests a bearish 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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