GBPUSD: Net-Short Positions Decreased by 17.2% from Last Week
69% OF TRADERS ARE NET-LONG
GBPUSD: Retail trader data shows 69.0% of traders are net-long with the ratio of traders long to short at 2.22 to 1. The number of traders net-long is 1.5% lower than yesterday and 5.3% higher from last week, while the number of traders net-short is 5.7% lower than yesterday and 17.2% lower from last week.
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GBPUSD: SENTIMENT CONTINUES TO SUGGEST 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.