GBP/USD Ratio: 1.16
Signal: Bearish

Currency	Last Week	Present*	% Long	% Change in Positions Outstanding	Signal
GBPUSD	1.31	1.16	54%	-3.04%	Bearish

GBPUSD – The GBPUSD’s sentiment positioning gauge has managed to hold above parity for two weeks in a row; and once again, this reading accompanies a significant development in underlying price action. Last week the strong positive flip in positioning came with a drop from GBPUSD below significant support seen at 1.96. This week, the pair is holding just above a technical floor at 1.94 that has been in place for more than a year; and yet positioning is holding net long with a 1.16 SSI reading. From the details, it is clear that retail traders are reducing their exposure in the event of a downside break as long positions fell 6.6% since yesterday and are 9.4% lower on the week. Shorts on the other hand are 14.3% higher since Wednesday and 5.5% stronger on the week. Despite the volatility in positioning though, net open interest has actually fallen 3.1% on the week - though it is 5% above the monthly average - which is unusual considering speculative traders typically jump on range trades when major technical levels are near.