Traders Give Pound Room to Trade Higher

GBPUSD: Retail trader data shows 50.6% of traders are net-long with the ratio of traders long to short at 1.03 to 1. The number osf traders net-long is 8.3% lower than yesterday and 18.6% lower from last week, while the number of traders net-short is 5.3% lower than yesterday and 4.4% lower from last week. 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.

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