• GBP/USD net positioning adjusted for open interest = -1.5%, up from -5.5%

• Given neutral positiioning there are less headwinds to fading recent GBP bid

• UK survey data continues to flag a weaker growth environment

• In turn, risks remain geared towards more BoE easing than priced in

• Upcoming tier 1 data will have a big say on the BoE’s outlook

• Technically, resistance = 1.26, 1.2671 (100DMA), 1.2787 (200DMA)

• Support = 1.2490-1.25
GBP positioning


gbpusd daily chart

(Justin McQueen is a Reuters market analyst. The views expressed are his own.)