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

Brexit
Brexit: Westpac sees sterling bulls since October, after divorce deal in key breakthrough

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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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