Bank of America Merrill Lynch FX Strategy Research argues that as the consensus has become too positive on Brexit, GBP traders should consider how to position as the positive outcome is already priced in.
“We have been optimistic that the UK and the EU will agree to a Brexit transition and eventually to a reasonable new trade arrangement. However, getting there is not going to be smooth and the negotiations are likely to have a very difficult and slow start, BofAML argues.
”We remain optimistic for the final outcome and will buy the GBP dip, but we do see a dip ahead,“ BofAML recommends.
Source: Bank of America Merrill Lynch Rates and Currencies Research
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