GBP: Guided by the Brexit developments – Danske Bank

In view of analysts at Danske Bank, for GBP, focus remains on next week’s Brexit in the UK House of Commons, where it is expected that PM Theresa May will lose and markets will instead likely focus on the size of the defeat.

Key Quotes

“The key risk to our bullish GBP view is that Brexit clarifications drag out and that GBP appreciation consequently will be much more moderate and materialise later than current forecasts imply.”

“We target EUR/GBP at 0.83 during H1 in our main scenario. Near term, the cross is boxed in the 0.88-0.9060 range but upside risks dominate as the 29 March deadline approaches. We have raised our 1M EUR/GBP forecast from 0.88 to 0.90.”

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