Morgan Stanley say risks for GBP are skewed for higher - and what is needed to send it up

Commentary from MS on cable:

• We stay neutral on GBP/USD but see risks now skewed to the upside. Good economic data, which would drive real yields higher, is a necessary condition for turning outright bullish
• The yield curve remains an important driver of GBP/USD and how the yield curve steepens or flattens and where we are in the business cycle will matter for the currency

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