The pound/dollar is still trading in the price range from 18th March. J. Hellen’s speech on Friday had no effect on the market. Instead, according to CFTC (Commodity Futures Trading Commission) report from 27/03/2015, the situation for open positions has shown that traders have no clue as to where the pound is going. As such, they decided to cut their long and short positions on the pound.
The opening of positions dropped by 9,243 contracts to 234,484. The larger speculators cut their short positions by 10770 to 68,866. Long positions lessened by 11,821 to 32,669. The smaller speculators cut their short positions and upped their long positions (-987 and 246).
Since it’s Monday, I expect the pound to fluctuate inside Friday’s range. By the end of the day I expect a falling of the rate to 67 degrees – 1.4830.