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Friday, June 21, 2024

GBP/USD Sentiment Continues to Fall as Dollar Strengthens

Key Takeaways:

  • Asset managers and institutional traders also decreased their long positions by 15,935 contracts, while increasing their short positions by 1,793 contracts.
  • This change in positioning indicates a growing pessimistic sentiment among these large market participants.

GBP Sentiment shows a decline

The Commodity Futures Trading Commission has released its latest Commitments of Traders reporting a notable decrease in sentiment for the British Pound futures contracts traded on the Chicago Mercantile Exchange. The report, which provides a breakdown of positions held by various types of traders as of April 16, 2024, indicates a shift in market sentiment.

According to the COT data, the total open interest for GBP futures contracts stands at 229,420.

Asset managers and institutional traders also decreased their long positions by 15,935 contracts, while increasing their short positions by 1,793 contracts. This change in positioning indicates a growing pessimistic sentiment among these large market participants.

The most important change comes from the leveraged funds category, which saw a substantial decrease in long positions and an increase in short positions. Leveraged funds reduced their long positions by 6,113 contracts while increasing their short positions by 13,807 contracts compared to the previous week. This shift suggests that these traders are becoming more bearish on the GBP.

The decrease in long positions and increase in short positions across multiple trader categories suggest a growing bearish sentiment towards the GBP.

Lazarus
Lazarushttps://ljlnews.com
Publisher and editor of LJLNews. I am a Stock Market enthusiast, with an interest for politics. I hope you enjoy reading the articles! Contact me at: Lazaruslucas@ljlnews.com

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