As you know, the pound plunged this is because disappointing GDP data that did not match the projections released last Friday. Britain's economy grew only 0.1 percent and its rate of growth has dropped to 1.2 percent over the past year. This is the lowest data in five years. The figure is a strong reminder that Mark Carney, the UK's central bank governor who has just shown interest in raising UK interest rates, will not be able to raise rates in May. Since Mark Carney's speech about a week ago, the possibility of monetary tightening in May has dropped from 90 percent to 24 percent. Most currency traders are monitoring UK PMI data. If PMI's data were to crash, the pound would crash at a terrifying rate.
On the other hand, Swiss Francs were on the decline due to a decrease in the attractiveness of their safety assets. The dollar was the strongest against the Swiss Francs. On the basis of the CFTC speculative net positons, however, the Swiss Francs has risen more than 0.2 K over the past week, while the pound has dropped more than 10.3K from the previous week. As for swing traders ' position, the amount of Sell Position in GBP / CHF can be seen as 10.5 K, making it likely to expand lower further.
GBP / USD has already dropped significantly, but the Federal Reserve meeting on Wednesday and the Nonfarm payrolls on Friday are more important. Traders who would like to sell the pound would recommend selling GBP / CHF for the Hedge.
On the other hand, Swiss Francs were on the decline due to a decrease in the attractiveness of their safety assets. The dollar was the strongest against the Swiss Francs. On the basis of the CFTC speculative net positons, however, the Swiss Francs has risen more than 0.2 K over the past week, while the pound has dropped more than 10.3K from the previous week. As for swing traders ' position, the amount of Sell Position in GBP / CHF can be seen as 10.5 K, making it likely to expand lower further.
GBP / USD has already dropped significantly, but the Federal Reserve meeting on Wednesday and the Nonfarm payrolls on Friday are more important. Traders who would like to sell the pound would recommend selling GBP / CHF for the Hedge.