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Jan 17 - 05:55 AM

GBP/USD - Traders Are In A Horrible Position

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

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