GBP/USD IG Client Sentiment: Our data shows traders are now net-short GBP/USD for the first time since May 06, 2020 when GBP/USD traded near 1.23.

Number of traders net-short has decreased by 15.00% from last week.

GBP/USD: Retail trader data shows 49.66% of traders are net-long with the ratio of traders short to long at 1.01 to 1. In fact, traders have remained net-short since May 06 when GBP/USD traded near 1.23, price has moved 1.12% higher since then. The number of traders net-long is 4.99% lower than yesterday and 34.00% lower from last week, while the number of traders net-short is 29.58% higher than yesterday and 15.00% lower from last week.

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

Our data shows traders are now net-short GBP/USD for the first time since May 06, 2020 when GBP/USD traded near 1.23. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBP/USD-bullish contrarian trading bias.