Technical Analysis

GBPUSD: 74% Internet-Lengthy Provides a Bearish Sign

IG Client Sentiment

Merchants Stay Internet-Lengthy

GBPUSD: Retail dealer knowledge reveals 74.5% of merchants are net-long with the ratio of merchants lengthy to quick at 2.92 to 1. In truth, merchants have remained net-long since Sep 20 when GBPUSD traded close to 1.28563; worth has moved 2.1% decrease since then. The variety of merchants net-long is 19.four% increased than yesterday and 12.2% increased from final week, whereas the variety of merchants net-short is 27.7% decrease than yesterday and 26.2% decrease from final week.

GBPUSD Sentiment Suggests a Stronger Bearish Bias

We usually take a contrarian view to crowd sentiment, and the very fact merchants are net-long suggests GBPUSD costs could proceed to fall. Merchants are additional net-long than yesterday and final week, and the mixture of present sentiment and up to date modifications offers us a stronger GBPUSD-bearish contrarian buying and selling bias.

— Written by Fan Xu, DailyFX Analysis

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