Brexit Latest: Deal Fails To Inspire GBP/JPY, GBP/USD Breakouts

IG CLIENT SENTIMENT INDEX: GBP/USD RATE FORECAST (DECEMBER 28, 2020) (CHART 4)

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GBP/USD: Retail trader data shows 49.71% of traders are net-long with the ratio of traders short to long at 1.01 to 1. The number of traders net-long is 1.53% higher than yesterday and 20.52% higher from last week, while the number of traders net-short is 4.69% higher than yesterday and 7.37% 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.

Positioning is more net-short than yesterday but less net-short from last week. The combination of current sentiment and recent changes gives us a further mixed GBP/USD trading bias.

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