EUR/GBP IG Client Sentiment: Our data shows traders are now net-long EUR/GBP for the first time since Feb 28, 2020 when EUR/GBP traded near 0.86.

Number of traders net-short has decreased by 21.31% from last week.

EUR/GBP: Retail trader data shows 50.76% of traders are net-long with the ratio of traders long to short at 1.03 to 1. In fact, traders have remained net-long since Feb 28 when EUR/GBP traded near 0.86, price has moved 2.18% higher since then. The number of traders net-long is 58.39% higher than yesterday and 167.90% higher from last week, while the number of traders net-short is 25.35% lower than yesterday and 21.31% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EUR/GBP prices may continue to fall.

Our data shows traders are now net-long EUR/GBP for the first time since Feb 28, 2020 when EUR/GBP traded near 0.86. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EUR/GBP-bearish contrarian trading bias.