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Considering that speculative short positioning remains relatively elevated, further position squaring related upside cannot be excluded after data confirmed better business activity for the broader economy.
Even if the BoE is likely to remain cautious as overall uncertainty is likely to remain intact for longer, there is room of further stabilising monetary policy expectations
When it comes to majors such as GBP/USD we do not exclude that levels closer to 1.35 and above will be reached before a sell can be considered anew. This is especially true as any sustainable uptrend would require rising rate expectations.
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