Morgan Stanley is bearish on GBP.

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Morgan Stanley analysts provided their outlook on GBP ahead of Brexit. “GBP’s sensitivity to the EU referendum polls has increased this week with the polls shifting towards remain. We believe the currency is going to remain sensitive to oil and equities too, so have kept our short GBP position in the portfolio but note the increased volatility expected around any more shifts towards the remain camp. EURGBP has downside potential to 0.7520 given the risks around the German Constitutional Court judging on the OMT and Spanish elections happening in June” written in the report.

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