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GBP/USD: Net-Long Positions decrease by 20.2% from Last Week

GBP/USD: Net-Long Positions decrease by 20.2% from Last Week

Tammy Da Costa, Analyst
GBP/USD IG Client sentiment

Retail trader data shows 70.7% of traders are net-long

GBPUSD: Retail trader data shows 70.7% of traders are net-long with the ratio of traders long to short at 2.41 to 1. In fact, traders have remained net-long since May 06 when GBPUSD traded near 1.29298; price has moved 1.3% lower since then. The number of traders net-long is 2.7% higher than yesterday and 20.2% lower from last week, while the number of traders net-short is 17.5% higher than yesterday and 44.5% 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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GBP/USD: Reduction in net-longs suggests bullish 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. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current GBPUSD price trend may soon reverse higher despite the fact traders remain net-long.

-Written by Tammy Da Costa, DailyFX Research

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

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