“The GBP will remain in focus heading into the ruling on Brexit from the Supreme Court, expected on Monday.
The government is generally not expected to win this appeal, but we think the significance of this ruling has diminished since last month’s parliamentary resolution supporting the Q1 timeline for Article 50.
We continue to believe the GBP is trading near levels reflecting a worst-case scenario for trade and capital flows, and therefore expect long-term-oriented investors to be buyers below GBPUSD 1.20″.
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