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GBPUSD: 79.2% of Traders are Net-Long Suggesting Continued Depreciation of Sterling against the Dollar

GBPUSD: 79.2% of Traders are Net-Long Suggesting Continued Depreciation of Sterling against the Dollar

Warren Venketas, Markets Writer
GBP/USD sentiment

NET-LONG POSITIONS ARE 4.1% HIGHER FROM LAST WEEK

GBPUSD: Retail trader data shows 79.2% of traders are net-long with the ratio of traders long to short at 3.8 to 1. In fact, traders have remained net-long since May 06 when GBPUSD traded near 1.31714; price has moved 4.0% lower since then. The number of trader’s net-long is 0.9% lower than yesterday and 4.1% higher from last week, while the number of trader’s net-short is 3.0% lower than yesterday and 17.7% higher from last week.

To gain more insight in how we use sentiment to supplement a strategy, join us for one of our weekly webinars on how to “Identify Trends with Sentiment”:

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(click on one of the above times to enroll)

GBPUSD: SENTIMENT SUGGESTS A STRONGER BEARISH TRADING BIAS

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggesting 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 Warren Venketas, DailyFX Research

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

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