Barclays Capital FX Strategy Research is bearish on GBP in the near-term but remains bullish in the medium-term.
“The outcome of the UK general election has created challenges for Brexit negotiations and risks of no deal now look significantly higher.
”We expect the maximum uncertainty to bite in the coming quarter. From there, reduction in prevailing undervaluation and increased clarity around the negotiations support GBP appreciation,“ Barclays argues.
In line with this view, Barclays Capital targets GBP/USD at 1.25 by the end of Q3, and at 1.29 by the end of the year.
Source: Barclays Research
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