The Pound moves lower after the meek attempt to turn the tide last Thursday and Friday into month-end. Economists at Société Générale analyze GBP/USD
moves lower after the meek attempt to turn the tide last Thursday and Friday into month-end. Economists at Société Générale analyze GBP/USDCable faces a battle to stay above 1.20 in October unless US bond yields stage a dramatic U-turn.
Hedge funds slashed sterling long positions to 6.9% last week from 17.6% of OI before the BoE. The decline by almost 11ppt is the largest since November 2021 when GBP/USD dropped two big figures from 1.36 to 1.34.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.
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The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.EUR/USD came under renewed bearish pressure and declined toward 1.0500 in the second half of the day on Monday. After the data from the US showed that the ISM Manufacturing PMI came in better than expected in September, the US Dollar extended its rally and weighed on the pair.GBP/USD turned south and retreated to a fresh daily low below 1.2150 in the American session.
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