GBP/USD, traders are struggling with large long positions!

שלשום

GBP/USD fell to the 55-day EMA at 1.3065 and the upper edge of the daily cloud zone at 1.3070, rising to the 2024 high at 1.3434 before the low reached on September 11 at 1.3002.

Downside stops near 1.3002 are most likely, and stops below 1.3000 are certain.

Traders are betting heavily on a rise in the pound, with a net long position of $7.8 billion. While bullish bets were larger in July, they are also sizable now. Before this year, sterling appreciation bets rarely exceeded $5 billion.