Though their current sentiment is that the latest moves are down to USD depreciation, not a positive GBP story

They benchmark the sterling against the euro for a real gauge of how it is actually performing, and says that the recent moves in cable are largely still attributed to a depreciation in the USD.

"The move higher in GBP/USD is still largely a dollar depreciation story rather than a GBP positive story. EUR/GBP is today trading at around the same level as back in June last year - a time when EUR/USD was trading some ten big figures lower at around 1.1200. The pound is only marginally stronger on a BOE trade-weighted basis over the same period - advancing from around 76.500 to 78.000 - around a 2% gain", BTMU argues.

They add that they are bullish cable and forecast it to be 1.4700 by the end of this year, citing that "we expect this year to be the year when the pound actually corrects on an outright basis for the first time since the Brexit referendum".

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