Speculators continue to increase their net short positions in GBPUSD pair as per recent COT data with continued increase in open interest. Medium term daily cycle is still DOWN after accurately peaking at 1.33 (see below chart1) indicating some more room for downside. Not being able to decisively clear 1.2546 on a closing basis will continue the downtrend. Short-term daily cycle is about to turn down again in little bit. Short-term hourly cycle has already turned down.
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| GBPUSD medium-term daily cycle - 07/19/2019 |
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GBPUSD short-term daily cycle - 07/19/2019
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GBPUSD hourly cycle - 07/19/2019
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| GBPUSD COT Chart - 07/16/2019 |
