GBP: UK Elections: Downside Risk N-Term; Not A Buy Yet – BTMU

BTMU FX Strategy Research notes that the rise of softer Brexit speculation is another reason why the pound has not declined more sharply following UK general election result.

“Overall we continue to judge that the risks are now more tilted to the downside for the pound in the nearterm on the back of heightened political uncertainty and the potential for even more complicated Brexit negotiations.

We would need to see the emergence of concrete evidence of a shift to a softer Brexit stance to buy into the potentially more bullish outlook for the pound,” BTMU argues.

Source: BTMU Research

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