Brexit - ANZ on where to for the UK and GBP. BoE upbeat, but GBP two-sided risk.

ANZ remarks on GBP and the UK from Friday

In brief:

• The UK is still wrestling with enormous Brexit-related political uncertainty as competing political factions advocate different visions of the UK's future. Sterling's near-term path twists with the anticipated solution to Brexit. With the BoE relatively upbeat in its assessment of prospects for the UK economy, there is some upside risk brewing for the GBP. That said, it is highly dependent on politics and as such still full of two-sided risk.

ANZ view for the week ahead is mildly bearish. For the month ahead, neutral.

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TH UK results of the Euro elections have shown no sig of limiting divisiveness on the Brexit question:

• European election results in the UK - projections (and what it says about Brexit)