Retail trader data shows 69.8% of traders are net-long with the ratio of traders long to short at 2.31 to 1. In fact, traders have remained net-long since Sep 20 when GBPUSD traded near 1.2914; price has moved 2.5% lower since then. The number of traders net-long is 2.4% lower than yesterday and 0.1% lower from last week, while the number of traders net-short is 18.6% higher than yesterday and 15.7% higher from last week.
I typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBPUSD prices may continue to fall.Recent changes in sentiment warn that the current GBPUSD price trend may soon reverse higher despite the fact traders remain net-long.
I typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBPUSD prices may continue to fall.Recent changes in sentiment warn that the current GBPUSD price trend may soon reverse higher despite the fact traders remain net-long.