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GBP/USD: Brexit A Sideshow For Building COVID Risks

By MarketPulse (Kenny Fisher)ForexOct 22, 2020 02:42AM ET
www.investing.com/analysis/gbpusd-brexit-a-sideshow-for-building-covid-risks-staying-short--mufg-200541965
GBP/USD: Brexit A Sideshow For Building COVID Risks
By MarketPulse (Kenny Fisher)   |  Oct 22, 2020 02:42AM ET
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What is the outlook for GBP/USD?

MUFG Research maintains a bearish bias on GBP/USD, expressing that via holding a short position targeting a move towards 1.2630.

“The rates market is slowly pricing in a greater chance of negative rates in 2021. By the August 2021 MPC meeting, OIS market pricing implies a 90% probability of Bank Rate falling to -0.10%. First to come is likely to be more QE highlighted yesterday in comments by Gertjan Vlieghe that the outlook for monetary policy was “skewed towards adding further stimulus”.

Indeed, more QE in November is looking likely now,” MUFG notes adding:

In many ways, Brexit is somewhat of a side-show to the building risks as COVID spreads that clearly will increasingly undermine GBP performance. We continue to see downside risks, reflected in our FX trade idea from last Friday,”

Original Post

GBP/USD: Brexit A Sideshow For Building COVID Risks
 

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GBP/USD: Brexit A Sideshow For Building COVID Risks

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