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Westpac: pound rally to continue as hopes for Brexit breakthrough rise
As polling leans towards Conservative majority, the bank warrants outright long cable positions and expects pound surge any time
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For most of 2019, Westpac was bearish on sterling but, surprised by October’s Brexit breakthrough, the bank has been bullish since, according to senior currency strategist Sean Callow.
The European Union and the UK announced in October that they had agreed a new Brexit divorce deal, ahead of the October 31 deadline for the UK to leave the bloc.
“We suspect that cable’s recent range trading in the 1.28–1.30 area
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Sterling’s future is still very dependent on Brexit-related developments, the bank says