Credit Agricole CIB Research discusses GBP on the positioning front.
"According to our FX positioning gauge, the GBP was sold for most of the past week with speculative-oriented investors such as hedge funds and real money driving most of the latest development. Corporate clients were among the buyers, but this was not enough to fully offset rising selling interest as a whole. Despite sentiment therefore seemingly having been in favour of selling the currency on rallies, overall long positioning remains excessive," CACIB notes.
"This implies that the currency is likely to remain subject to downside risks. Having said that, we stick to a cautious view on the GBP," CACIB adds.