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May 02 - 06:55 AM

GBP/USD - COMMENT-Mayday For Speculators When It Comes To GBP/USD?

By Rob Howard  —  May 02 - 05:05 AM

"Sell in May and go away" has been a regularly profitable mantra when it comes to GBP/USD since the year 2000 -- but if the trend is your friend again this year, it will distress some foreign exchange speculators.

Friday's CFTC data showed IMM speculators turned more bullish on sterling for a fourth consecutive week in the week ended April 25, with the net GBP long rising to 5,839 contracts.

This was the largest net GBP long position since November 2021, and came a week after IMM speculators flipped to their first net GBP long since March 2022.
The flip followed a steep contraction in the net GBP short in the fortnight ended April 11.

GBP/USD scaled a 10-month peak of 1.2583 on the last trading day of April, with 1.2464 marking the subsequent low.

CFTC data for the week ended May 2 will be published on Friday at 3.30 p.m.
ET (before another long weekend in the UK, for the King's coronation).

Related comments: nL1N36Y083nL1N3670SV

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