We recommend that you seek independent advice and ensure you fully understand the risks involved before trading.įX PUBLICATIONS IS A MEMBER OF NFA AND IS SUBJECT TO NFA'S REGULATORY OVERSIGHT AND EXAMINATIONS. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances.
Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. 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. Here at DailyFX, w e typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBP/USD prices may continue to fall.
The number of traders net-long is 6.90% higher than yesterday and 19.41% higher than last week, while the number of traders net-short is 5.57% higher than yesterday and 14.52% lower than last week.
The r etail trader data for GBP/USD show 56.14% of traders are net-long, with the ratio of traders long to short at 1.28 to 1. However, IG client positioning data back the argument for a weaker Pound. This was never expected to be a major factor in the markets but is still moderately supportive for Sterling. On the bright side for GBP, France seems to have backed away from a full-scale confrontation with the UK over fishing rights. It is also not clear whether voters on the MPC will be unanimous in their verdict, which seems unlikely and could be an additional drag on GBP. In polls by the Reuters and Bloomberg news agencies, analysts asked for their opinions were roughly split equally between those expecting a rate rise and those predicting no change. While the markets have largely priced in a UK rate increase, economists are not so sure. Get My Guide Bank of England to raise rates?
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