GBP analysis from Morgan Stanley.

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Morgan Stanley provided its bearish outlook on GBP yesterday. “We think the GBP rally has run its course for now as we expect risk appetite and commodity related currencies to decline in the coming weeks. In addition, we believe there is very little political risk premium priced into GBP today and so are entering a short GBPUSD trade. GBP volatility is likely to pick up as we approach the EU referendum date. The BoE’s Inflation report is important this week, where we expect little change ahead of the referendum” written in the report.


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