Speculative traders on the Chicago Mercantile Exchange aggressively bet on the UK pound to continue its recent bullish trend, data from the Commodity Futures Trading Commission showed on Friday. Traders held a net $760 million long GBP position or bets that the pound will rise as of Tuesday, according to the CFTC's weekly commitment of traders report. That is a dramatic shift from being a net seller of the currency for the last 8 months, but it comes in line with the recent pound rally following the MPC minutes last Wednesday.
fxtrade.com, 82,70 % of positions of traders are short.
SO yes the pound is going to fall but we have to survive next week first, the big players are going to put a lot of pressure to take out the stops of the retail traders.
Pretty much the same thing is happening in euro/usd now. This is going to be a hard week. Maybe a good idea to put some longs to hedge the push up and make it more bearable. I'll certainly do that if the push up is confirmed. That might go up fast.