Cable puts the squeeze on shorts as US equities turn positive | Forexlive
The S&P 500 is now just shy of flat and a broad bid has come into risk assets.
Cable continues to trade as the most-correlated major FX pair with stocks and has shot to the upside, including a run on stops above 1.1116.
There’s nothing in particular driving the turn in sentiment but there’s certainly a crowded short position in GBP.