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GBP/USD to reach 1.3500 by end-2020 amid smooth Brexit hopes – Reuters poll

In the wake of interest rate differentials and hopes of a smooth Brexit, the British pound is likely gains over 3% vs. the greenback this year, a Reuters poll of nearly 60 fx strategists showed.

Key Findings:

“The pound would be up at $1.32 at the end of this month - when Britain and the EU are due to part ways - and will have risen to $1.35 by the end of 2020.

The Bank is not expected to move interest rates until 2022 at least, and while the European Central Bank eased policy late in 2019 it is expected to stay on the sidelines for the next two years.

So against the common currency the pound will have barely moved by the end of the year. On Thursday one euro would get you 85.16 pence and at the end of 2020 its value will be little changed at 84.5p.”

Jordan Rochester at Nomura noted: “Knee-jerk moves and profit-taking aside, the trend in 2020 remains for a drift higher in GBP/USD in our view and we look to renew our GBP long bias.”

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