Hi traders, GBP is in strong up trend and we expect the continuation of it. I always check the higher time frame and trade in direction of "big boy".
Retail trader data shows 54.4% of traders are net-long with the ratio of traders long to short at 1.19 to 1. The number of traders net-long is 15.4% lower than yesterday and 8.9% lower from last week, while the number of traders net-short is 15.1% higher than yesterday and 26.9% higher from last week.
I typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBPJPY prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current GBPJPY price trend may soon reverse higher despite the fact traders remain net-long.