The UK remains in a mess with record energy prices, double-digit inflation, stuttering growth, continued strike action, and a complete lack of leadership from No.10 leaving the country rudderless. Get your market update from nickcawley1 here:
/USD chart shows the current weak state of the pair. The recent set of highs between 1.2245 and 1.2295 will prove to be very difficult to overcome in the medium- to long-term, while in the short-term the cluster of prior low prints on either side of 1.1950 will keep bulls at bay. One positive on the chart is Tuesday’s bullish engulfing candle which normally suggests a trend reversal and a move higher.
If this isn’t the case, the next technical level of support for cable is the March 2020 low at 1.1412.79.78% of traders are net-long with the ratio of traders long to short at 3.95 to 1. The number of traders net-long is 7.47% lower than yesterday and 23.28% higher from last week, while the number of traders net-short is 3.20% higher than yesterday and 26.97% lower 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. Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further
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