GBP's performance against USD is lagging compared to its other G10 counterparts.
Brexit fears continue to weigh on GBP, our G10 FX PIX indicator shows GBP short positioning increased further last week and is now at extreme levels, a lot is already priced in now for the EU referendum.
This corresponds to an elevated level of risk premium that is priced into the options market.
Nevertheless, GBP/USD is likely to remain a sell on rallies for as long as Brexit uncertainty persists.
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