GBP/USD Ratio: -1.06 Signal: Bullish
GBPUSD – Though the contrarian sentiment reading for GBPUSD hasn’t been as strong as the EURUSD, the SSI has kept us on the right side of the pound’s advance. Since pushing through 2.00 last week, the pair has advanced rather quickly to test 2.04. Through this move, the ratio has changed little with a current -1.06 reading that compares to -1.09 from Wednesday and -1.08 last week. With the pound’s recent strength, long positions have grown 5.2% from yesterday and 18.8% from last Thursday. However, short positioning has built with comparable strength by rising 2.5% from yesterday and 19.6% over last week. Overall, open interest has been relatively steady with net positions up 3.8% over Wednesday and 9.3% above its monthly average.