The British pound
date
|
Open Interest
|
Specs Long
|
Specs Short
|
Specs Net positions
|
change Open Interest
|
change Long
|
change Short
|
change Net Positions
|
Sentiment
|
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
|
Feb 01, 2022
|
184007
|
29597
|
53202
|
-23605
|
1967
|
-7069
|
8773
|
-15842
|
Bearish
|
Jan 25, 2022
|
182040
|
36666
|
44429
|
-7763
|
-1194
|
-3094
|
4422
|
-7516
|
Bearish
|
Jan 18, 2022
|
183234
|
39760
|
40007
|
-247
|
-17259
|
9254
|
-19665
|
28919
|
Weak bearish
|
|
|
|
|
Total Change
|
-12050
|
11743
|
-11614
|
23357
|
|

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 - 5,809 contracts, down by 8,046 contracts compared to the previous week. This change is due to a decrease in long positions by 7,902 contracts and an increase in short positions by 144 contracts.
Total net positions have increased by 23,357 contracts over the past 6 weeks. This change is due to speculators exiting 11,614 short positions and adding 11,743 long positions.
The decline in total net positions of large speculators into negative territory indicates bearish sentiment for the pound.
Open interest, which fell by 6,859 contracts last week, indicates that the decline in the pound that occurred last week was not supported by volume and was therefore weak.
The pound, just as the euro, might be negatively impacted by risk-off sentiment which could then send the pound towards support which is at 1.3300 or possibly 1.3200.
Long-term resistance: 1.3620-1.3640. Next resistance is near 1.3680 – 1.3750. The resistance is also in the zone 1.3490 – 1.3520.
Support is near 1.3270 – 1.3300 and then mainly in the zone 1.3200.