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GBPUSD: Traders Remain Net-Long Since May 06

GBPUSD: Traders Remain Net-Long Since May 06

2019-05-13 20:10:00
Research, Research Team
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gbpusd

NUMBER OF TRADERS NET-LONG INCREASED BY 42.6% FROM LAST WEEK

GBPUSD: Retail trader data shows 68.9% of traders are net-long with the ratio of traders long to short at 2.21 to 1. In fact, traders have remained net-long since May 06 when GBPUSD traded near 1.30919; price has moved 0.6% lower since then. The number of traders net-long is 2.7% higher than yesterday and 42.6% higher from last week, while the number of traders net-short is 1.9% higher than yesterday and 30.7% lower 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.

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

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