GBP: The 52 week COT index is at 0 after having been at 0 the week before.
This reading indicates a bearish sentiment extreme and potential for a low to form. Also, at -102,891, composite COT is the lowest ever! The previous low was -92,119 in July 1999. Cable was in a longer term downtrend at that point but rallied nearly 1,400 pips in less than 3 months following the extreme July 1999 reading.
Implications: bottoming
