Technical Analysis

GBPUSD: 53.eight% of Merchants Are Web-Lengthy

gbpusd

NUMBER OF TRADERS NET-LONG DECREASE FROM LAST WEEK

GBPUSD: Retail dealer knowledge exhibits 53.four% of merchants are net-long with the ratio of merchants lengthy to quick at 1.15 to 1. The truth is, merchants have remained net-long since Sep 20 when GBPUSD traded close to 1.29246; worth has moved zero.2% decrease since then. The variety of merchants net-long is three.eight% decrease than yesterday and four.2% decrease from final week, whereas the variety of merchants net-short is unchanged than yesterday and a pair of.5% increased from final week.

GBPUSD DIRECTION REMAINS UNCLEAR

We usually take a contrarian view to crowd sentiment, and the actual fact merchants are net-long suggests GBPUSD costs might proceed to fall. But merchants are much less net-long than yesterday and in contrast with final week. Current adjustments in sentiment warn that the present GBPUSD worth development might quickly reverse increased regardless of the actual fact merchants stay net-long.

— Written by Nancy Pakbaz, CFA, DailyFX Analysis


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