GBPUSD: Retail trader data shows 58.6% of traders are net-long with the ratio of traders long to short at 1.42 to 1. In fact, traders have remained net-long since Nov 01 when GBPUSD traded near 1.30522; price has moved 0.7% higher since then. The number of traders net-long is 4.5% lower than yesterday and 21.2% lower from last week, while the number of traders net-short is 10.5% lower than yesterday and 1.9% higher from last week. We typically ...
Though GBP/USD sliced right through 1.3450 like a hot knife cutting through butter, the bigger wave picture is still intact. Despite the Bank of England and market participants believing a rate hike is coming, the technical picture for GBP/USD is not as rosy. We believe Cable is in a terminal wave at three different degrees of trend. This suggests a reversal may be looming overhead. The Elliott Wave model we are following points our trend ...
Those three votes for a rate hike were the most since 2011 at the MPC, and this triggered fresh fears of the BoE’s massive stimulus program wreaking dire consequences on the British economy. After the ‘sharp repricing’ in the value of GBP around Brexit and then the ensuing dovish campaign from the BoE, higher levels of inflation seemed simply mathematical as importers moved prices-higher to adjust for the -20% move-lower in GBP/USD. As ...
No change to Cable, which has flat-lined since the breakout. A minor reaction following a breakout indicates a strong market. Additional sideways trade can’t be dismissed but realize that the reaction low after the breakout is 1.2755. That low represents a re-test of the December high (former resistance providing support…which is bullish). more...
Prime Minister Theresa May announced that general elections would be held early, on June 8th of this year. The move was largely applauded as cogent political strategy in the effort of gaining a Conservative super majority to push through Brexit negotiations. And this very much may be the case; but given the volatility seen in global elections over the past year, it would seem that a bit of reservation should be due before any long-term prognostications are built based on early polling numbers. ...
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