Sentiment Leaves Unclear Direction for GBP
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Sentiment Leaves Unclear Direction for GBP

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Sentiment Leaves Unclear Direction for GBP

GBPUSD: Retail trader data shows 47.5% of traders are net-long with the ratio of traders short to long at 1.11 to 1. In fact, traders have remained net-short since Feb 13 when GBPUSD traded near 1.38838; price has moved 0.6% higher since then. The number of traders net-long is 12.4% lower than yesterday and 1.3% lower from last week, while the number of traders net-short is 9.3% lower than yesterday and 9.4% lower from last week.

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

--- Written by Dylan Jusino, 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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