Technical Analysis

GBPUSD: 61.9% of Merchants Are Internet-Lengthy

GBPUSD

NUMBER OF NET-LONG TRADERS ARE 12.9% HIGHER FROM LAST WEEK

GBPUSD: Retail dealer information reveals 61.9% of merchants are net-long with the ratio of merchants lengthy to brief at 1.63 to 1. The share of merchants net-long is now its highest since Feb 17 when GBPUSD traded close to 1.29034. The variety of merchants net-long is 2.four% decrease than yesterday and 12.9% increased from final week, whereas the variety of merchants net-short is 32.zero% decrease than yesterday and 39.6% decrease from final week.

GBPUSD: SENTIMENT SUGGESTS A BEARISH TRADING BIAS

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

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— Written by Nancy Pakbaz, CFA, DailyFX Analysis

Comply with Nancy on Twitter @NancyPakbazFX


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