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Apr 12 - 08:55 AM

GBP/USD - COMMENT-Normal April Service Might Yet Resume For GBP/USD

By Rob Howard  —  Apr 12 - 06:52 AM

April 12 (Reuters) - Recent GBP position shifts are a silver lining to the cloud over cable bulls who fear the pair might miss out on its normal April gain.

Friday's CFTC data showed gross GBP long positions were reduced for a sixth consecutive week in the week ended April 6, with the reduction helping cut the net GBP long position to a nine-week low. nL1N2M50EX

With more GBP longs having been jettisoned since April 6 -- as the pound slumped to six-week and nine-week lows against the euro and USD -- scope for a sterling revival into month's end may be growing (courtesy of 'cleaner' positioning).

Bank of America noted in a "GBP: April seasonality" report published on March 26 that cable gains "are concentrated in the third week of April".

1.3763 is the high-water mark for GBP/USD since it tested Friday's nine-week low of 1.3670 at 0508GMT. nL1N2M50G1

Related comment: nL1N2M20LUnL1N2LT3KJnL1N2M50LA


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Source:
Refinitiv IFR Research/Market Commentary

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