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Jun 10 - 07:55 AM

GBP/USD - COMMENT-GBP/USD Shorts At Sixes And Sevens Ahead Of Fed

By Rob Howard  —  Jun 10 - 05:40 AM

GBP/USD short positions have been squeezed hard recently, with cable notching its ninth consecutive higher daily high when it scaled a 13-week peak of 1.2785 Wednesday.
The short-squeeze follows 13 weeks in which IMM speculators first reduced their net GBP long position (March 3-April 14), before flipping to a net short position and then increasing that net short (April 21-June 2).
The size of the net GBP short hit its highest level since November after gross GBP long positions were slashed by a third in the week to June 2 nL1N2DL096.
More GBP/USD short positions might be closed out if the Federal Reserve introduces a yield-curve control policy as early as today -- most reckon it will wait until September nL8N2DN1N9.
The Bank of England's next monetary policy announcement is next week (June 18), with a 100 billion-pound quantitative-easing programme increase expected nL8N2DM57X.
Related comments: nL1N2DL0EDnL1N2DN0F2

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