Positioning Jumps From Extreme To Parity As GBPUSD Finds 1.98

[B]GBP[/B][B]/USD Ratio: 1.02
[/B][B]Signal: Bearish[/B]

[B]GBPUSD[/B] – Volatility and a lack of a dominate direction seem to be staples of GBPUSD price action. The same can certainly be said for speculative sentiment underlying the pair as well. Indeed, the sharp reversals have found a group eager to try and catch tops and bottoms. The last swing in the pound’s SSI comes after the currency made a run to 2.0150 against the dollar and quickly retreated back below 2.0000. Today, with GBPUSD spot well the four-month highs tested just a short time ago, the sentiment gauge is showing next to no bias for direction from here. The ratio stands at 1.02 – a far departure from the -2.18 reading of last week and -2.30 from the week before that. However, despite the lack of an overall reading from retail sentiment, there has certainly been a lot of trading activity over the past week. While the level of long positions was unchanged from yesterday, bulls grew by 25.4% from last Wednesday. For dollar interest, shorts were 3.1% fewer than last week and 13.3% greater than last week. Furthermore, net positioning jumped 13.3% in a week and is now 7.3% above the average.