Number of traders net-short has decreased by 17.04% from last week.
CHANGE IN LONGS
CHANGE IN SHORTS
CHANGE IN OI
GBP/USD: Retail trader data shows 50.93% of traders are net-long with the ratio of traders long to short at 1.04 to 1. In fact, traders have remained net-long since Oct 16 when GBP/USD traded near 1.29, price has moved 0.80% higher since then. The number of traders net-long is 28.51% higher than yesterday and 35.76% higher from last week, while the number of traders net-short is 0.36% lower than yesterday and 17.04% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBP/USD prices may continue to fall.
Our data shows traders are now net-long GBP/USD for the first time since Oct 16, 2020 when GBP/USD traded near 1.29. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBP/USD-bearish contrarian trading bias.