GBP/USD: Weekly Long Positions Soar 29%

GBP/USD: Weekly Long Positions Soar 29%

59% Of Retail Traders are Net-Long

GBPUSD: Retail trader data shows 59.6% of traders are net-long with the ratio of traders long to short at 1.47 to 1. In fact, traders have remained net-long since Sep 20 when GBPUSD traded near 1.31089; price has remained unchanged since then. The percentage of traders net-long is now its lowest since Oct 17 when GBPUSD traded near 1.31008. The number of traders net-long is 3.1% lower than yesterday and 29.2% lower from last week, while the number of traders net-short is 11.7% higher than yesterday and 81.8% higher from last week.

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GBPUSD Sentiment Suggest That Price Could Rise

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 Jake Schoenleb, DailyFX Research

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