GBP: Supported M-Term But Capped N-Term Into June-08 Elections – Barclays

Barclays Capital Research continues to see reasons for further medium-term GBP appreciation, supported by positioning and valuation.

However, going into the UK June-8 elections, Barclays expects the currency upside to remain capped in the near-term.

“While polls continue to indicate a Conservative Party win in June, the margin of the victory has recently narrowed (eg, YouGov/The Times), introducing near-term downside risks for GBP. Moreover, last week, revisions to Q1 GDP data suggested a marked slowdown in UK consumption,” Barclays notes.

GBP/USD is trading circa 1.2855 as of writing. 

Source: Barclays Research

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