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EUR/GBP Latest – Respecting the Bullish Trend For Now


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Jun 29, 2022 | DailyFX
Nick Cawley, Strategist

Trading EUR/GBP: How to Trade the Euro/British Pound

EUR/GBP CHART AND ANALYSIS

  • Multi-week trend remains in place.
  • Central Bank speak on tap.

EUR/GBP Daily Price Chart June 29, 2022

EUR/GBP Latest – Respecting the Bullish Trend For Now

Retail trade data show 55.93% of traders are net-long with the ratio of traders long to short at 1.27 to 1. The number of traders net-long is 13.13% lower than yesterday and 4.31% lower from last week, while the number of traders net-short is 7.48% lower than yesterday and 13.79% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EUR/GBP 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 EUR/GBP price trend may soon reverse higher despite the fact traders remain net-long.

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What is your view on EUR/GBP – bullish or bearish?

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