Technical Analysis

GBPUSD: Merchants Stay Internet-Lengthy

GBPUSD

LOWEST PERCENTAGE OF NET-LONG TRADERS SINCE OCTOBER 04

GBPUSD: Retail dealer knowledge exhibits 53.eight% of merchants are net-long with the ratio of merchants lengthy to quick at 1.16 to 1. Actually, merchants have remained net-long since Sep 20 when GBPUSD traded close to 1.28725; value has moved zero.9% decrease since then. The proportion of merchants net-long is now its lowest since Oct 04 when GBPUSD traded close to 1.30226. The variety of merchants net-long is 1.6% decrease than yesterday and four.three% decrease from final week, whereas the variety of merchants net-short is 28.four% larger than yesterday and 13.eight% larger from final week.

GBPUSD PRICE TREND MAY REVERSE

We sometimes take a contrarian view to crowd sentiment, and the very fact merchants are net-long suggests GBPUSD costs could proceed to fall. But merchants are much less net-long than yesterday and in contrast with final week. Current modifications in sentiment warn that the present GBPUSD value development could quickly reverse larger regardless of the very fact merchants stay net-long.

— Written by Nancy Pakbaz, CFA, DailyFX Analysis


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