GBPUSD: FX Positioning Update

The GBP was in demand, partly on the back of last week’s BoE
monetary policy announcement failing to make a bigger case of
negative rates being considered anytime soon.

However, with price action staying muted and as both Brexit-related and growth uncertainty
is likely to remain high, we believe caution is likely to stay warranted
around the current levels. This is especially true as there is less room
for position squaring triggering additional currency upside.