Daily Technicals

GBP/USD IG Client Sentiment: Our data shows traders are now at their least net-long GBP/USD since Aug 04 when GBP/USD traded near 1.31.

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GBP/USD Client Positioning

Number of traders net-short has increased by 23.74% from last week.

SYMBOL

TRADING BIAS

NET-LONG%

NET-SHORT%

CHANGE IN LONGS

CHANGE IN SHORTS

CHANGE IN OI


GBP/USD

BULLISH

28.19%

71.81%

-8.28%
Daily

-23.16%
Weekly

13.96%
Daily

23.74%
Weekly

6.67%
Daily

5.57%
Weekly

GBP/USD: Retail trader data shows 28.19% of traders are net-long with the ratio of traders short to long at 2.55 to 1. Our data shows traders are now at their least net-long GBP/USD since Aug 04 when GBP/USD traded near 1.31. The number of traders net-long is 8.28% lower than yesterday and 23.16% lower from last week, while the number of traders net-short is 13.96% higher than yesterday and 23.74% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests GBP/USD prices may continue to rise.

Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBP/USD-bullish contrarian trading bias.

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

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