GBP/USD: Retail trader data shows 48.97% of traders are net-long with the ratio of traders short to long at 1.04 to 1. In fact, traders have remained net-short since Aug 01 when GBP/USD traded near 1.28, price has moved 0.33% lower since then. The number of traders net-long is 6.31% lower than yesterday and 4.39% lower from last week, while the number of traders net-short is 8.71% higher than yesterday and 17.63% higher from last week.

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

Our data shows traders are now net-short GBP/USD for the first time since Aug 01, 2023 when GBP/USD traded near 1.28. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBP/USD-bullish contrarian trading bias.

https://www.dailyfx.com/analysis/GBPUSD-IG-Client-Sentiment-202308171523.html