When looking at weekly changes, we can get a clearer picture on where sentiment lies. The fog clears around GBPCHF pair. The pound remains more bullish than CHF as the number of longs increased for the pound while decreased for the franc. Gold is now less bearish on the weekly change, while SPX and NAS are more bullish. EUR is declining in the number of overall positions which may indicate a decrease in volume. Meanwhile, volatility may pick up for the pound pairs.

CHF/JPY Analysis
Swiss-Yen is finally pulling back on the 1D timeframe after four straight days of upside. The pair is holding at a strong buy on the EdgeFinder around +6 and has been there for some time. The pair might sell into this news which could then test support around the rising trend line or support zone around 155.519. Depending on the SNB’s statement this week, we may see an even more hawkish stance while the BOJ remains very dovish.

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GBP/USD Analysis
The pound weakened as we approach the rate decision this Thursday. With the expected 25 bp hike, the pounds struggles with high levels of inflation. So, the odds of another raise seems extremely likely. They also may have to keep rates higher for longer. It looks like the pair could come down to test support around 1.26787.

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GBP/USD Analysis
As the pair continues to keep the upward pressure, the EdgeFinder flips from a strong sell to a more neutral reading. The BOE is expected to raise rates by another 25 basis points tomorrow, however, some surprising figures came out this morning. UK’s CPI unexpectedly stayed at 8.7% this month suggesting some sticky price inflation. Dealing with sticky inflation may prompt the BOE to be even more aggressive than a 25 basis point hike. GU is coming down on the 4H timeframe to what looks like a strong level of support around a rising trend line. There is also a previous top around 1.26942 in which price has already bounced from. This could be a healthy pullback in a longer term uptrend.

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Current positions - Nick

EURCAD is the strongest sell on the EdgeFinder at -5. The CAD takes EUR on all fronts except COT data, which is nearly the complete opposite from the smart money side. Although retail stays long, price has declined over 4.5% since the highs of May.

Smart money does favor the euro over the loonie right now, but weekly activity may be suggesting yet another shift in COT sentiment. Even though these moves take a long time to fulfill, it's important to spot the trend early.

GBPNZD has come down to some support on the 4H around a rising trend line. If price can hold at this level, the pair may likely take another shot at resistance around 2.07168. Additional support lies below current price at the previous bounce off the line under 2.04. We could also watch for a break at the double top for a continuation of the uptrend.

GBP and NZD make a great pair due to the opposing stances of their central banks. The RBNZ does not want to keep hiking rates as it sits at 5.5%. Meanwhile, the struggling UK needs to keep interest rates higher to battle sticky inflation.

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GBPJPY could be the most promising of the pound pairs as these two central banks are starch opposites. Governor Johnson of the BoE remained incredibly hawkish towards monetary policy, stating that they must get stubborn prices down before they even think about pausing.

On the historical backtest feature, we can see a potential shift in EdgeFinder sentiment from what used to be strong sell readings. Now the scanner has a different bias, and the yen is currently the least desired currency. After the BoE meeting, it appears likely that the pound will become more in demand.