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9 Aug 2013
Flash: GBP/USD WAS favourite of week to head lower - Investec
Jonathan Pryor, Corporate Treasury Analyst at Investec comments that GBP/USD headed into the
week as firm favourite to head lower.
Key Quotes
“The market was awash with short Sterling positions teed up by Macro players anticipating a dovish Inflation Report.”
“GBP/USD did what was expected – it bolted out the blocks early and moved lower, dropping nearly a cent as soon as Carney started his Forward Guidance speech. However, the move didn’t last long and GBPUSD now finds itself at 7 week highs as market participants repositioned themselves, going long Sterling.”
“keep one eye on GBP/USD - it may yet surprise those who’ve repositioned, especially if the recent run of strong UK data were to cool off.”
week as firm favourite to head lower.
Key Quotes
“The market was awash with short Sterling positions teed up by Macro players anticipating a dovish Inflation Report.”
“GBP/USD did what was expected – it bolted out the blocks early and moved lower, dropping nearly a cent as soon as Carney started his Forward Guidance speech. However, the move didn’t last long and GBPUSD now finds itself at 7 week highs as market participants repositioned themselves, going long Sterling.”
“keep one eye on GBP/USD - it may yet surprise those who’ve repositioned, especially if the recent run of strong UK data were to cool off.”