GBP: More downside looming across the board

  • EUR/GBP: Plenty of upside potential here and macro positioning is still reportedly very short. Obviously a big intraday risk with the ECB looming but I think the market pretty much has a dovish Draghi priced in. I expect pullbacks to be limited to .7040 and that this pair will make big moves higher in the next 3 weeks.
  • If the GBP starts giving back many of its gains on the crosses, then cable will also fall. Any 100 pip rallies are selling opportunities in my view. I’m looking for a move towards 1.40 before Christmas, if the big macro GBP longs get spooked.

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