Hello traders, this weekly CFTC report video about the banks positions for the GBP. The break out of the report and technical analysis .
Its educational video about how to understand and interpret the COT data. I will be releasing this videos every Saturdays after I compile and analyze the data.
COT data can tell us what the banks are doing and what is happening behind the charts. If the move is caused by profit taking.
Please feel free to comment with any questions and your own opinions.
CFTC Report is always released for the Commercials and other subjects operating on the markets. But I have found most accurate to to follow non-commercials as its the investment banks and hedge funds trading for the profit. Commercials are big companies which are hedging themselves to stabilize stabilize the price of the instrument.
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Comment
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So the pound dropped back to the lower line of the wedge as mentioned in the video analysis.
The banks has started accumulation longs in the last 3 weeks. And they had extereme shorts positions which they have to close. where they closing shorts on the bottoms always. There we are now. Another thing is that today is tuesday the day when they will report the positions so they will hodl the longs overnight to report big shorts which will confuse many traders. I expect since tomorow the GBP will be strong,