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Aug 15 - 12:12 PM
GBP/USD - More GBP/USD Stops May Be Sheltering Above One-Week High
First appeared on eFXplus on Aug 15 - 10:00 AM
  • Scope for more short-covering if cable vaults 1.2150 (early NY one-week top)
  • 1.2150 was notched after some shorts covered on the break of 1.2114
  • 1.2114 = Ldn am high . Retreat from 1.2150 based pre-1.2114
  • Speculators are very short GBP, so position adjustments can buck the market
  • IMM speculators upped gross GBP shorts by a third in the fortnight to Aug 6
  • This upped net GBP short towards its March 2017 multi-year high

GBPUSD: Click here

Source:
Refinitiv IFR Research/Market Commentary

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