David Bailin, world head of investments at Citi Private Bank, stated earlier than the Tuesday parliamentary vote that he had recommended to purchasers to not commerce the pound.
It’s troublesome to map out a situation that can almost certainly occur, he defined, and due to that, it is onerous to kind a view on whether or not the pound would rise or fall.
Greater certainty to the Brexit scenario would assist the British foreign money discover a extra particular course, Bennett stated. That may imply the U.Ok. parliament coming to an settlement on the subsequent step to take, or a transparent majority of the British individuals exhibiting help for any proposal, he added.
Until then, the pound would seemingly stay weak towards most main currencies, Bennett stated.
“We can see sterling higher against the weaker dollar over this year. But against other major currencies, we think sterling will remain and under-perform, appropriately so, until that uncertainty has been taken out,” he stated.