Francesco Pesole, FX strategist at ING, explains that CFTC data referring to the period 9-16 October surprisingly shows a flattish development in GBP/USD net speculative positioning, despite a significant sterling rally in the same period (approximately +4% vs USD), triggered by hopes of a new Brexit deal. Key Quotes “We might need to wait for next week’s data to witness some “short-squeezing” effect, but for now, a still extensive short market positioning (-30% of open interest) on GBP tends to suggest more upside room for the currency.” “Nonetheless, caution on the pound is still much warranted, given that the hurdles to have a deal approved (and ratified) by the UK parliament remain firmly in place.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD technical analysis: Euro easing from October highs below 1.1160 level FX Street 3 years Francesco Pesole, FX strategist at ING, explains that CFTC data referring to the period 9-16 October surprisingly shows a flattish development in GBP/USD net speculative positioning, despite a significant sterling rally in the same period (approximately +4% vs USD), triggered by hopes of a new Brexit deal. Key Quotes "We might need to wait for next week's data to witness some "short-squeezing" effect, but for now, a still extensive short market positioning (-30% of open interest) on GBP tends to suggest more upside room for the currency." "Nonetheless, caution on the pound is still much warranted, given that the hurdles… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
