GBPINR trading range for the day is 83.04-83.65. GBP trading in range on polls suggesting outcomes ranging from a majority for PM May’s party to a ‘hung’ parliament in which no party has an overall majority.
U.S. positioning data shows speculative investors have flipped back to betting more against the pound; any recovery in sterling will be short-lived. One-week sterling-dollar implied volatility, which measures the cost of hedging against price swings in the currency pair, was at 12.5 percent.
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