$GBPUSD - The Bulls' Control Attempts Lack Momentum
Generally speaking, speculative investors are the most bullish on the pound since times leading up to the value-driven Brexit vote according to the biggest snapshot of sentiment in the forex markets. The net number of “long” contracts on the pound sterling held by speculative investors rose by another 5,000 in the last week of June to 52,000, according to the CFTC.
Looking ahead, if this view holds true, we can expect the trends that preceded the decision to take hold again, leading to further upside for the GBP. But the bullish sentiment on sterling comes with a risk warning: the higher the net long position, the greater theValentin Marinov, forex analyst at Credit Agricole, said that: “The pound sterling, in particular, may be vulnerable to profit-taking in long positions in the market.
However, the British pound is starting the second half of the year with a bid, and some forex analysts say July could see the British currency continue to benefit from higher UK interest rates. UK two-year bond yields are proving an attractive proposition for yield-hungry international investors as they remain close to their highest level since 2008 as markets move into the price of higher BoE rates.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GBP/USD Price Analysis: Cable retreat appears elusive beyond 1.2690 support confluenceGBP/USD bulls take a breather amid the early hours of Wednesday’s Asian session, after refreshing the weekly top around 1.2740 the previous day. That
Read more »
GBP/USD Forex Signal: Bullish Bias as US Gilt Yields ContinuThe forex market has been a bit muted this week as most US investors and traders stayed in the sidelines due to the Independence Day holidays.
Read more »
GBP/USD drops below 1.2700 post FOMC minutes releaseGBP/USD hovers around the 1.2700 mark as the latest Federal Reserve Open Market Committee (FOMC) minutes showed that some Fed officials wanted to rais
Read more »
GBP/USD Price Analysis: 200-HMA defends Cable buyers around 1.2700, US/UK statistics eyedGBP/USD Price Analysis: 200-HMA defends Cable buyers around 1.2700, US/UK statistics eyed – by anilpanchal7 GBPUSD Technical Analysis ChartPatterns Macroeconomics SwingTrading
Read more »
GBP/USD oscillates in a range around 1.2700 mark, upside potential seems limitedThe GBP/USD pair struggles to gain any meaningful traction and seesaws between tepid gains/minor losses during the Asian session on Thursday. Spot pri
Read more »
GBP/USD maintains the consolidation for the time being – UOBEconomist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, GBP/USD is still expected to navigate the 1.2630-1.2800 range in the next fe
Read more »