Positioning · retail sentiment · read at 08:31 UTC on 12 November 2026
GBP/NZD retail sentiment: long vs short
As of 08:31 UTC on 12 November 2026, 39% of retail traders are long GBP/NZD and 61% short, a long/short ratio of 0.64. A week earlier, on 5 November, 32% were long, so the crowd is 7 points more long this week.
The long share over 120 days
Over the 120 days the terminal holds (since 11 July), the long share has run from 19% to 62%; today's reading is higher than on 52% of those days.
The COT view beside it
Speculators in pound futures are net long 26,663 contracts (CFTC, positions at 3 Nov), at the 49th percentile of their own range. British Pound COT positioning
Speculators in New Zealand dollar futures are net short 23,154 contracts (CFTC, positions at 3 Nov), at the 26th percentile of their own range. New Zealand Dollar COT positioning
Retail shows the crowd at retail brokers; the CFTC report shows speculators in futures, weekly. The two often sit on opposite sides. This week's full report: the COT report.
Questions
Are retail traders long or short GBP/NZD?
As of 08:31 UTC on 12 November 2026, 39% of retail traders are long GBP/NZD and 61% short, a long/short ratio of 0.64. The crowd leans short, 61% on one side.
How has GBP/NZD retail sentiment changed this week?
A week earlier, on 5 November, 32% were long, so the crowd is 7 points more long this week.
Is GBP/NZD retail positioning extreme?
Over the 120 days the terminal holds (since 11 July), the long share has run from 19% to 62%; today's reading is higher than on 52% of those days. That is inside its recent range rather than at an edge of it.
What does the COT report say about GBP/NZD?
Speculators in pound futures are net long 26,663 contracts (CFTC, positions at 3 Nov), at the 49th percentile of their own range. Speculators in New Zealand dollar futures are net short 23,154 contracts (CFTC, positions at 3 Nov), at the 26th percentile of their own range.
How do traders read retail sentiment?
Many traders read it as a contrarian gauge: a crowd leaning heavily one way has often been on the wrong side of the move that follows, and is the side forced out when price runs against it. It is a description of positioning, not a signal. In WatchTower Terminal's composite score retail positioning is read that way, at a weight of 10%, alongside CFTC positioning, rates and research.
More on GBP/NZD: GBP/NZD analysis · GBP/NZD rate differential · GBP/NZD seasonality · British Pound outlook · British Pound COT positioning · BoE rate expectations · UK economic surprises · New Zealand Dollar outlook · New Zealand Dollar COT positioning · RBNZ rate expectations · New Zealand economic surprises
Other pairs: AUD/NZD 34% long · EUR/GBP 75% long · EUR/NZD 38% long · GBP/AUD 50% long · GBP/CAD 33% long · GBP/CHF 66% long · GBP/JPY 54% long · GBP/USD 57% long · NZD/CAD 61% long · NZD/CHF 83% long · all 30
Aggregated retail broker positioning, read every 20 minutes in the terminal; this page is rebuilt through the day. Not financial advice.