GBP/USD Ratio: -1.09 Signal: Bullish
GBPUSD – Looking back to the near split in pound positioning last week, it seems obvious that speculative sentiment was foreshadowing a significant change in from GBPUSD. Ultimately this flip would coincide with the break of a three-month, falling trend channel and subsequent rally that fell just short of 2.00. The SSI ratio now stands at -1.09 – not yet an extreme to confirm expectations of strong follow through. From the details, we can see that long positions are 9.0% lower than yesterday but 14.1% stronger than last week. Shorts are 2.1% greater than Wednesday and 26.4% greater than a week ago. Open interest is only 3.5% above where it stood yesterday and is 15.5% beyond its monthly average.