GBP: Deustche Bank gives 3 reasons why traders should remain positioned long

In a note published today, Deutsche Bank lists 3 reasons why traders should retain their long positions on the GBP:

"First, the recent pause in the trend allowed the GBP to get back in line with its medium-term valuations. Now, even the EUR/GBP seems slightly too high considering the rate differential.

Also, the market remains positioned for sale on the GBP in a speculative manner, leaving room for progression in the event these positions are closed.

Finally, cyclical factors remain favourable, with dynamic growth in wages that continues to be robust."