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GBP/USD: Weekly Long Positions Grow 13.8% Sparking a Bearish Bias

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Net-Long Positions Increase to 73% Despite Recent Declines

GBPUSD: Retail trader data shows 73.5% of traders are net-long with the ratio of traders long to short at 2.77 to 1. In fact, traders have remained net-long since Apr 20 when GBPUSD traded near 1.40634; price has moved 8.4% lower since then. The number of traders net-long is 3.8% higher than yesterday and 13.8% higher from last week, while the number of traders net-short is 7.0% lower than yesterday and 7.2% lower from last week.

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GBP/USD Sentiment Suggest Prices May Continue to Fall

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.

--- Written by Jake Schoenleb, 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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