Over the past 24 hours, the British Pound has reached its lowest point against the US Dollar since mid-June, experiencing a nearly 1% drop, marking the most substantial 24-hour decline since late July. Consequently, retail traders have begun to increase their bullish positions. This shift in sentiment can be observed through the IG Client Sentiment (IGCS), which often serves as a contrarian indicator. Given these developments, one might wonder if the Sterling is poised for further losses.
Sentiment Outlook for GBP/USD – Bearish
The IGCS data reveals that approximately 62.44% of retail traders have a net-long position on GBP/USD. Given this majority bullish stance, it suggests the potential for future price declines. Notably, upside exposure has surged by 23.86% in comparison to yesterday and by 25.24% when compared to last week. Considering the present sentiment and recent changes, there is a more pronounced bearish contrarian trading bias.
GBPUSD BUY 1.2570 - 1.2550 🔼🔼
✔️TP1: 1.2590
✔️TP2:1.2620
🚫SL 1.2530
Sentiment Outlook for GBP/USD – Bearish
The IGCS data reveals that approximately 62.44% of retail traders have a net-long position on GBP/USD. Given this majority bullish stance, it suggests the potential for future price declines. Notably, upside exposure has surged by 23.86% in comparison to yesterday and by 25.24% when compared to last week. Considering the present sentiment and recent changes, there is a more pronounced bearish contrarian trading bias.
GBPUSD BUY 1.2570 - 1.2550 🔼🔼
✔️TP1: 1.2590
✔️TP2:1.2620
🚫SL 1.2530
