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Dec 29 - 06:55 AM

GBP/USD - COMMENT-Shorts Feel The Squeeze As Sterling Worm Turns

By Rob Howard  —  Dec 29 - 05:42 AM

Sterling has regularly wrong-footed speculators this year, with Omicron sentiment prompting the latest upset to the apple-cart.

Monday's CFTC data showed the net GBP short position held by IMM speculators rose 13% to a new 26-month high of 57,686 contracts in the week ended Dec.
21. nL1N2TC1AO

The bearish shift in GBP positioning preceded the release of data showing a lower risk of hospitalisation for people with the Omicron coronavirus variant compared to Delta. nL8N2T816MnL1N2T81HUnL1N2TC0TV

Optimism generated by that data lifted the risk-sensitive pound -- squeezing GBP shorts in the process, with GBP/USD and GBP/EUR hitting respective five-week highs of 1.3461 and 1.19 on Dec.
28 (1.3175 and 1.17 were their Dec.
20 lows).

IMM speculators flipped from a net GBP long to short position after the Bank of England unexpectedly kept interest rates unchanged on Nov.
4 -- six weeks before its consensus-confounding rate hike to 0.25% as Omicron swept across Britain. nL1N2T10MH

Related comments: nL1N2RS0HUnL1N2T20LV

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