| SYMBOL | TRADING BIAS | NET-LONG% | NET-SHORT% | CHANGE IN LONGS | CHANGE IN SHORTS | CHANGE IN OI |
|---|---|---|---|---|---|---|
| GBP/USD | BULLISH | 48.19% | 51.81% |
-17.40%Daily -20.80%Weekly |
27.34%Daily 9.64%Weekly |
0.98%Daily -7.49%Weekly |
| Change in | Longs | Shorts | OI |
| Daily | -12% | 13% | -1% |
| Weekly | -7% | -4% | -6% |
GBP/USD: Retail trader data shows 48.19% of traders are net-long with the ratio of traders short to long at 1.08 to 1.In fact, traders have remained net-short since May 22 when GBP/USD traded near 1.24, price has moved 0.18% lower since then. The number of traders net-long is 17.40% lower than yesterday and 20.80% lower from last week, while the number of traders net-short is 27.34% higher than yesterday and 9.64% higher from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests GBP/USDprices may continue to rise.
Our data shows traders are now net-short GBP/USD for the first time since May 22, 2023 14:00 GMT when GBP/USD traded near 1.24. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBP/USD-bullish contrarian trading bias.
Source https://www.dailyfx.com/analysis/GBPUSD-IG-Client-Sentiment-202305301423.html
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