GBP/USD: All eyes are on PM May’s leadership prospects - Scotiabank
|Analysts at Scotiabank noted that GBP had been strong vs the USD on Monday and was outperforming all of the G10 currencies as it retraces a portion of last Friday’s impressive 1.5% Brexit-driven decline.
Key Quotes:
"Local media are reporting of a possible snap election in November and the Labor party is offering hints of support for a second referendum. All eyes are on PM May’s leadership prospects heading into next week’s Conservative party conference."
"The latest CFTC speculative positioning data have revealed a reduction in both gross long and gross short positions while pushing the net to a fresh multi-year short. Risk reversals are pricing a sizeable premium for protection against GBP weakness vs. both the USD and EUR."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.