GBPUSD: Retail trader data shows 46.0% of traders are net-long with the ratio of traders short to long at 1.17 to 1. The number of traders net-long is 3.9% higher than yesterday and 22.4% lower from last week, while the number of traders net-short is 2.1% higher than yesterday and 34.9% higher from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests GBPUSD prices may continue to rise. Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed GBPUSD trading bias.