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Jan 14 - 02:55 PM

EUR/GBP: A Buy? Short GBP/USD Better Than Short EUR/USD N-TerM -SocGen

By eFXdata  —  Jan 14 - 01:30 PM
Societe Generale Research likes short GBP/USD in the near-term.
 
"We don’t expect an ECB hike this year and think the market is ahead of itself, but while that leaves us trying to work out where to take a stand against the euro’s bounce, maybe the nest hedge against ECB hike enthusiasm is to buy EUR/GBP. November’s GDP data may be as good as it gets here, and even if the current political chaos isn’t market-relevant, sterling is overbought," SocGen notes. 
 
"GBP/USD is too, but shorting it us just a better way to short EUR/USD and we can’t rule out a bit more overshoot to the upside before that turns," SocGen adds. 
 
Source:
Société Générale Research/Market Commentary

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