The British pound
date
|
Open Interest
|
Specs Long
|
Specs Short
|
Specs Net positions
|
change Open Interest
|
change Long
|
change Short
|
change Net Positions
|
Sentiment
|
Mar 15, 2022
|
188323
|
32442
|
61503
|
-29061
|
-57989
|
-18540
|
-2005
|
-16535
|
Bearish
|
Mar 08, 2022
|
246312
|
50982
|
63508
|
-12526
|
34443
|
3303
|
15492
|
-12189
|
Bearish
|
Mar 01, 2022
|
211869
|
47679
|
48016
|
-337
|
23426
|
5430
|
-42
|
5472
|
Weak bearish
|
Feb 22, 2022
|
188443
|
42249
|
48058
|
-5809
|
-6859
|
-7902
|
144
|
-8046
|
Bearish
|
Feb 15, 2022
|
195302
|
50151
|
47914
|
2237
|
-2646
|
5442
|
-5340
|
10782
|
Bullish
|
Feb 08, 2022
|
197948
|
44709
|
53254
|
-8545
|
13941
|
15112
|
52
|
15060
|
Weak bearish
|
|
|
|
|
Total Change
|
4316
|
2845
|
8301
|
-5456
|
|

Figure 2: The GBP and COT positions of large speculators on a weekly chart and the GBPUSD on D1
The total net positions of speculators last week amounted to -29,061 contracts and they are down by 16,535 contracts compared to the previous week. This change is due to a decrease in long positions by 18,540 contracts and a decrease in short positions by 2,005 contracts. This suggests bearish sentiment as the total net positions of large speculators are negative while there is also their further decline.
Open interest, which fell by 57,989 contracts last week, means that the rise in the pound price that occurred last week was not supported by volume and it is therefore a weak price action.
Risk off sentiment due to the war in Ukraine continues to weigh on the pound and therefore the pound is weakening strongly. Although the Bank of England raised interest rates by 0.25% to 0.75% last week, it also warned of a decline in economic growth as a result of the war in Ukraine. The change in central bank rhetoric is a bearish signal for the pound.
Long-term resistance: 1.3180-1.3210. Next resistance is near 1.3270 – 1.3330.
Support is near 1.3000.