Cable Trades with Mixed Bias

Cable Trades with Mixed Bias

Cable Trades with Mixed Bias

GBPUSD: Retail trader data shows 39.2% of traders are net-long with the ratio of traders short to long at 1.55 to 1. In fact, traders have remained net-short since Mar 21 when GBPUSD traded near 1.39422; price has moved 1.4% higher since then. The number of traders net-long is 7.4% lower than yesterday and 13.0% higher from last week, while the number of traders net-short is 1.4% higher than yesterday and 7.1% lower 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 more net-short than yesterday but less net-short from last week. The combination of current sentiment and recent changes gives us a further mixed GBPUSD trading bias.



— Written by Dylan Jusino, DailyFX Research

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