Positioning has led to the ongoing bounce in GBP, but there are more clients left to sell. Price action today should convince you Leveraged interest in adding to GBP downside here may be somewhat limited. Figure 2 shows that on a 1m horizon GBP outflows are at the strongest we've recorded since 2012. It is too early to call how the long-term capital will behave, but we suspect there will be more GBP selling to come. Chart 3 suggests Real Money has been net-GBP buyers since March, but the referendum shifts significantly the growth and investment outlook. With the UK still holding large twin deficits (and unlikely to ... (full story)