The pound-dollar exchange rate is up 1.77% this week, but analysts at Citi warn the dollar isn't done.
"The dollar is riding a wave of positioning that history suggests cannot hold," says Karl Schamotta, Chief Market Strategist at Corpay.
Pound-Dollar Retreats From 100-day MA
- Category: USD
Pound sterling has found a ceiling against the dollar as oil prices find a floor amidst the realisation the Strait of Hormuz is still closed.
The British pound is vulnerable to further weakness against the dollar in the coming days.