GBPUSD – The consistency in the GBPUSD’s net negative reading proved prophetic as a contrarian sign. After weeks of a relatively tight, downward sloping trend channel, the pair finally put in for an upside breakout that moved against the retail crowd. With the push towards 2.0, the pair’s SSI reading has actually grown more net short to a -1.37 read from -1.26 reported last week. The details reveal that few retailers are joining the upside, while a greater number are trying to fade it. Long positions grew only 2.3% from yesterday but are 20.7% higher on the week. Shorts are up 19.7% from Wednesday and are 21% stronger than last week. Net open interest was 10.8% greater on the week and 12.2% above the monthly average. The short-term shift in positioning and net negative reading points to further GBPUSD gains, but ratio readings so close to parity will reduce the effectiveness of the gauge’s medium-term outlook.