The pound rose to a six-week high as a combination of short-squaring and dollar weakness across the board kept the currency’s recent bullish tone intact.
The U.K. currency burst through stops during the London morning, and climbed to as high as $1.2598, the highest since Dec. 14. That move prompted short-term investors to take profit on their longs, with an abundance of offers within the $1.2600 to $1.2650 range, three traders in London and Europe said. Short-term risk reversals that show bearish bets on the currency have eased lately, tracking spot price action higher.
Interbank, real money and macro accounts are still looking to add pound shorts, albeit in slightly better levels, the traders add, with $1.2650 and $1.2800 currently the main levels that gather selling interest.
Source – Bloomberg
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Nice article
Thank You
Thanks Vlad for sharing.. Good one