Bank of America Global Research discusses its latest positioning analysis and flags a bullish GBP and NOK signal vs EUR and CHF 

"For now, we focus at short-term signals that could drive markets. Chart 7 is one such example. We look at how positioning in G10 FX has changed so far this year and how this relates to the current trends," BofA notes. 

"Our analysis is bullish GBP and NOK against EUR and CHF in the short term. GBP and NOK have strong upwards trends, but also enjoy strong investor demand, suggesting further upside in the short term. At the other extreme, EUR and CHF have downward trends and also see investor selling, suggesting further downside for now," BofA adds.