The GBPUSD pair is trading higher today, but near-term longs appear capped even as the latest CFTC positioning data indicate that the Pound saw an increase in net long positions to pre-pandemic levels. However, this rise in speculative longs on the Pound may be a function of USD weakness rather than inherent fundamentals of strength on the Pound. Furthermore, last week’s downbeat data out of the UK has once more brought up talk about negative rates. This appears to be dampening the optimism that followed the post-Brexit trade deal. Technical Levels to Watch Despite the vaccine rollouts and the rise in speculative ... (full story)