By Jeremy Boulton — Jan 17 - 04:12 AM
• Traders have been betting pound rises throughout its decline
• Drop has been very large and rapid from 1.3434-1.2100
• Losing long positions are a big factor contributing to extent of the drop
• Until traders sell short in a significant way pound may keep falling
• Should specs turn against pound it will come under greater pressure
• Without shorts move under psychological support @ 1.20 may be very damaging
•
GBPUSD
(Jeremy Boulton is a Reuters market analyst. The views expressed are his own)
Source:
London Stock Exchange Group | Thomson Reuters