The pound took another leg lower, hard-pressed by the mighty US Dollar. What’s next?
Here is their view, courtesy of eFXdata:
Credit Agricole CIB Research discusses GBP outlook and adopts a neutral bias in the near-term, expecting downside to being limited from the current levels.
“This is not only due to the notion that central bank monetary policy expectations are likely to stabilize anew but also due speculative GBP long positioning now being fully in line with its medium-term average.
This is suggested by our FX positioning gauge and suggests a low risk of further corrective downside,” CACIB argues.
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