GBP Bears Feel Pain As Pound Rallies Back Above 1.30
Axi | Sep 17, 2018 10:30
Originally published by AxiTrader
The latest CFTC report shows only minor changes in speculative FX positioning.
Speculators increased their euro longs positions by 3k, bringing net positioning to 11k long. Euro bulls are feeling a bit more optimistic following the bounce off 1.15 support. However, the recovery looks fragile, and it would take a clear break above 1.18 for short-term techs to turn bullish again.
Pound bears could feel the pain this week as the British pound rallied. Net positioning fell from 70k to 61k short.
Meanwhile, yen net positioning stood at 54k short, a increase of 2k compared to the previous week. The yen has lost momentum amid the recovery in stocks.
Positioning for the commodity currencies:
- Australian dollar short 44k vs short 44k previously
- Canadian dollar short 27k vs short 26k previously
- New Zealand dollar short 23k vs short 25k previously
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