British Pound (GBPUSD) is getting close to 2007 crash!!!
Updated
CoT index shows Commercials(blue line) are in 3-year extreme low AND Retailers(green line) are in extreme high. Almost every time we are in this situation the asset goes down. The last time was May 2021 you can see what happened afterwards.
This is the CoT indicator of commercials net positions. Commercials net position is getting close to 2007 level where the big sell off took place.
Here is the 5, 10, and 15-year seasonality trends indicating that the market typically reaches a peak around August first. Therefore, it is expected to decline from that point onward.
Note
Something big is going on for GBP. The commercials are in ALL TIME LOW with 154k negative net positions. The net positions of commercials for 2007 crash was around 115k negative. Are we heading toward another crash ?
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