GBP/USD
Markets

GBP/USD Goes Into Weekend with Mixed Trading Bias

DailyFX.com -

Net-Long Traders Remain Above 70%

GBPUSD: Retail trader data shows 70.7% of traders are net-long with the ratio of traders long to short at 2.42 to 1. In fact, traders have remained net-long since Apr 20 when GBPUSD traded near 1.42373; price has moved 6.3% lower since then. The number of traders net-long is 3.2% lower than yesterday and 11.7% lower from last week, while the number of traders net-short is 7.0% lower than yesterday and 2.5% lower from last week.

GBPUSD Shifts to Mixed Bias

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBPUSD prices may continue to fall. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed GBPUSD trading bias.

--- Written by Abdullah AlAmoudi, DailyFX Research

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

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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