Contrarian Sentiment Points to Potential GBP/USD Upside
GBP/USD: Data from retail traders reveals that 48.97% of them have taken net-long positions, resulting in a short-to-long ratio of 1.04 to 1. Interestingly, traders have maintained net-short positions since August 1st when GBP/USD was trading around 1.28, and the price has decreased by 0.33% since that time. The count of traders in net-long positions has decreased by 6.31% from the previous day and by 4.39% from the previous week. Conversely, the number of traders in net-short positions has risen by 8.71% from the previous day and by 17.63% from the previous week.
We generally adopt a contrarian perspective on crowd sentiment, and the fact that traders are net-short suggests a potential for GBP/USD prices to continue rising.
Our data indicates that traders are currently net-short on GBP/USD for the first time since August 1, 2023, when GBP/USD was at around 1.28. Traders are more net-short compared to the previous day and the past week. Taking into account the present sentiment and recent shifts, our outlook leans more bullish for GBP/USD in a contrarian trading approach.
GBPUSD BUY 1.2680 - 1.2710 🔼🔼
✔️TP1: 1.2730
✔️TP2:1.2750
🚫 SL 1.2650
We generally adopt a contrarian perspective on crowd sentiment, and the fact that traders are net-short suggests a potential for GBP/USD prices to continue rising.
Our data indicates that traders are currently net-short on GBP/USD for the first time since August 1, 2023, when GBP/USD was at around 1.28. Traders are more net-short compared to the previous day and the past week. Taking into account the present sentiment and recent shifts, our outlook leans more bullish for GBP/USD in a contrarian trading approach.
GBPUSD BUY 1.2680 - 1.2710 🔼🔼
✔️TP1: 1.2730
✔️TP2:1.2750
🚫 SL 1.2650
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