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Home Technical Analysis

Our data shows traders are now net-long GBP/USD for the first time since Jan 17, 2023 when GBP/USD traded near 1.23.

Forex Tips by Forex Tips
February 2, 2023
in Technical Analysis
0
Our data shows traders are now net-long GBP/USD for the first time since Jan 17, 2023 when GBP/USD traded near 1.23.
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GBP/USD Client Positioning

Number of traders net-short has decreased by 19.21% from last week.

SYMBOL TRADING BIAS NET-LONG% NET-SHORT% CHANGE IN LONGS CHANGE IN SHORTS CHANGE IN OI
GBP/USD BEARISH 50.27% 49.73%

5.46% Daily

29.25% Weekly

-10.87% Daily

-19.21% Weekly

-3.35% Daily

-0.44% Weekly

GBP/USD: Retail trader data shows 50.27% of traders are net-long with the ratio of traders long to short at 1.01 to 1. In fact, traders have remained net-long since Jan 17 when GBP/USD traded near 1.23, price has moved 0.11% lower since then. The number of traders net-long is 5.46% higher than yesterday and 29.25% higher from last week, while the number of traders net-short is 10.87% lower than yesterday and 19.21% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBP/USD prices may continue to fall.

Our data shows traders are now net-long GBP/USD for the first time since Jan 17, 2023 when GBP/USD traded near 1.23. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBP/USD-bearish contrarian trading bias.





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