[B]GBP[/B][B]/USD Ratio: -1.27
[/B][B]Signal: Bullish[/B]
[B]Currency[/B] [B]Last Week[/B] [B]Present*[/B] [B]% Long[/B] [B]% Change in Positions Outstanding[/B] [B]Signal[/B] GBPUSD [B]1.04[/B] [B]-1.27[/B] 44% -0.22% Bullish
[B]GBPUSD – [/B]Each week GBPUSD retail traders seems to flip from a net short position to net long and back again. This past week has been no exception. Standing at -1.2 7 today, the pound’s SSI reading follows a 1.04 figure from last week and -1.37 the week before that. Looking at underlying price action, the lack of extremes from the contrarian speculative sentiment gauge should come as no surprise. GBPUSD continues to carve a channel between 2.0000 and 1.9600; and until direction is decided, retail traders will keep jumping in and out of the market taking advantage of the range. In detail, long positions fell 7.6% from yesterday and are 15% weaker than levels from last week. On the short side, bearish positions fell 3.5% from Wednesday but were 15.6% stronger on the week. On the whole net positions were only 0.1% greater than the same day a week ago but 5.1% greater than the monthly average.