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GBPUSD Technical Update – Week Of March 4th 2013
The GBPUSD currency pair has seen a continuation of the recent bearish price action, with a move to a fresh 31-month low. The market took out the key 1.5000 handle during trading on Friday, but ultimately ended the day/week around 1.5030, as traders squared positions heading into the weekend. COT report data from the CFTC reveals that bearish wagers on sterling by large futures traders, at the Chicago Mercantile Exchange, are at the highest level in around a year with 36,130 net short contracts. Traders are essentially betting on more money-printing from the BOE (Bank of England) going forward. Any sustained ... (full story)
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Don’t follow someone else’s trading advice blindly
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Ride the tide, baby!
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