GBP/USD in a five-week range - BBH

Ross J Burland FXStreet

Sterling remains within a five-week trading range of roughly $1.30 and $1.3320.

Key Quotes:

"Speculative positioning in the futures market is roughly balanced between the bulls and bears, leaving a net position of long 1.2k contracts.

The US two-year premium over the UK has to rinse from the year's low of 90 bp in mid-September to nearly 120 bp here in November. The high for the year was set in March a little above 130 bp.

The three-month (25 delta) risk-reversals (skew between calls and puts) show a premium for sterling puts, but that premium had been falling since early October, until today."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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