Positioning · retail sentiment · read at 08:31 UTC on 12 November 2026
GBP/USD retail sentiment: long vs short
As of 08:31 UTC on 12 November 2026, 57% of retail traders are long GBP/USD and 43% short, a long/short ratio of 1.33. A week earlier, on 5 November, 53% were long, so the crowd is 4 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 26% to 68%; today's reading is higher than on 71% 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 US dollar futures are net long 3,311 contracts (CFTC, positions at 3 Nov), at the 72nd percentile of their own range. US 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/USD?
As of 08:31 UTC on 12 November 2026, 57% of retail traders are long GBP/USD and 43% short, a long/short ratio of 1.33. The crowd leans long, 57% on one side.
How has GBP/USD retail sentiment changed this week?
A week earlier, on 5 November, 53% were long, so the crowd is 4 points more long this week.
Is GBP/USD retail positioning extreme?
Over the 120 days the terminal holds (since 11 July), the long share has run from 26% to 68%; today's reading is higher than on 71% of those days. That is inside its recent range rather than at an edge of it.
What does the COT report say about GBP/USD?
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 US dollar futures are net long 3,311 contracts (CFTC, positions at 3 Nov), at the 72nd 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/USD: GBP/USD analysis · GBP/USD rate differential · GBP/USD seasonality · British Pound outlook · British Pound COT positioning · BoE rate expectations · UK economic surprises · US Dollar outlook · US Dollar COT positioning · Fed rate expectations · US economic surprises
Other pairs: EUR/GBP 75% long · GBP/AUD 50% long · GBP/CAD 33% long · GBP/CHF 66% long · GBP/JPY 54% long · GBP/NZD 39% long · all 30
Aggregated retail broker positioning, read every 20 minutes in the terminal; this page is rebuilt through the day. Not financial advice.