FX:GBPUSD   British Pound / U.S. Dollar
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Aug 11
Comment: ▪ After a brief pause, selling continued with the GDP figures as the main driver.
▪ Commercial longs increased again and now approaching the previous two most extreme levels. Spec shorts are a stone’s throw away from the 2016 extreme level. The 36 Month COT Index now stands at 98%.
▪ Look for intraday sell trades this week on all GBP charts. Target wise, the 2016 swing low is 1.1985, the Monthly S1 is 1.1947 and S2 is 1.1742. ▪ In terms of looking for buy limit reversal trades, I will only look for these should price reach the Monthly S2
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