GBP Flips Back, Speculators Turn Net Short After Six Months

Published on Oct 09, 2023 15:13

The British Pound slipped today against the US dollar, giving up some of the recent gains. The GBPUSD had hit a near two week high of 1.2251 in last session but the firm undertone in US dollar and shaky global geopolitical scenario pulled the Pound down today. The GBPUSD pair currently quotes at 1.2193, down 0.47% on the day. Meanwhile, the large currency market speculators continued to decrease their long positions in the GBPUSD futures, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of GBPUSD futures, traded by large speculators and hedge funds, totaled a net short position of - 6680 contracts in the data reported through October 3, 2023. This was a weekly change of -22349 net contracts. The speculators have turned net short after nearly six months.