The Pound Positioning Reaches Parity As Pair Advances, A Flip Could Signal A Break
Positioning is nearly evenly split for the GBPUSD as the pair tests the top of a technical trend channel. The ratio of long to short positions stands at 1.01 with nearly 50% of traders long. The pair has hovered near this parity level since flipping back to its positive reading at the beginning of the month.
Just last week, 55% of open positions were long with the ratio at 1.24. Also notable in with the tempering in the ratio, short positions grew 14.8% from yesterday and are 69.7% stronger from a week ago. Long positions are only 6.6% fewer than yesterday and 4.9% strong than a week ago. Open interest is only 3.0% stronger from Wednesday, but overall it is 26.2% above its monthly average. Being a contrarian indicator, the GBPUSD signal still calls for further losses, but only until it flips.
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