The US dollar is trading sideways today, not helped by the Memorial Day holiday in the US, leaving GBP/USD listless in early turnover. Get your market update from nickcawley1 here:
The latest US Commodity and Futures Report, CoT, shows that traders and speculators have trimmed their US dollar long positions by around USD2 billion in the week ending May 24. The US dollar basket printed a fresh one-month low earlier in today’s session and opened below its 50-day simple moving average for the first time in over three months.K Prime Minister Boris Johnson remains under pressure after last week’s party gate report.
Cable’s pullback from the May 13 low has been impressive and has quashed market talk that the pair may test 1.2000. The two daily red candles made in the last two weeks have been negated quickly and the pair may soon test the 50-day simple moving average that currently sits at 1.2685.67.44% of traders are net-long with the ratio of traders long to short at 2.07 to 1.
The number of traders net-long is 1.13% higher than yesterday and 7.83% lower from last week, while the number of traders net-short is 4.04% higher than yesterday and 19.77% higher from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBP/USD prices may continue to fall.
Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current
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