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May 09 - 07:55 AM

GBP/USD - Reclaims 1.23 Handle After Putin Silence On War

By Rob Howard  —  May 09 - 06:50 AM
  • Cable reaches 1.2331 after pushing its recovery envelope from 1.2262

  • 1.2262 was early London low, before Putin speech event risk nL2N2X10AT

  • Putin's speech was largely notable for what he did not say nL2N2X10A0

  • 1.2262 was 10 pips shy of June 2020 low (1.2075 = May 2020 low)

  • Rally from 1.2262 aided by some profit-taking on short positions

  • Net GBP short held by IMM speculators up for 9 weeks in a row nL2N2X10IH

GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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