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Home Technical Analysis

00 GMT when EUR/GBP traded near 0.89.

Forex Tips by Forex Tips
November 27, 2020
in Technical Analysis
0
00 GMT when EUR/GBP traded near 0.89.
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EUR/GBP Client Positioning

Number of traders net-short has decreased by 0.68% from last week.

SYMBOL

TRADING BIAS

NET-LONG%

NET-SHORT%

CHANGE IN LONGS

CHANGE IN SHORTS

CHANGE IN OI


EUR/GBP

BULLISH

49.19%

50.81%

-22.50%
Daily

-16.76%
Weekly

0.00%
Daily

-0.68%
Weekly

-12.50%
Daily

-9.30%
Weekly

EUR/GBP: Retail trader data shows 49.19% of traders are net-long with the ratio of traders short to long at 1.03 to 1. In fact, traders have remained net-short since Nov 20 when EUR/GBP traded near 0.89, price has moved 0.74% higher since then. The number of traders net-long is 22.50% lower than yesterday and 16.76% lower from last week, while the number of traders net-short is unchanged than yesterday and 0.68% lower from last week.

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

Our data shows traders are now net-short EUR/GBP for the first time since Nov 20, 2020 15:00 GMT when EUR/GBP traded near 0.89. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EUR/GBP-bullish contrarian trading bias.





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