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People Are Very Bearish on the Pound

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The pound remains unloved across investor groups, with real-money sales of the U.K. currency only just getting started, data from Bank of America Corp. show.

All client types — corporate accounts, reserve managers, hedge funds and institutional accounts, like mutual funds, pensions and endowments — have dumped sterling over the past two weeks, according to the U.S. bank’s analysis of flow data.

“The overall GBP market position is neutral, but real money is long, suggesting downside risks as they have been selling in the last three weeks,” quantitative strategists Myria Kyriacou and Athanasios Vamvakidis wrote in a note Monday.

Bloomberg

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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