MUFG trade of the coming week: Sell GBP/USD
Weekly top pick from Mitsubishi UFG
MUFG recommends selling GBP/USD (spot at 1.2927) with a target of 1.2630 and a stop at 1.3180.
"We are recommending a short tactical GBP/USD trade idea to reflect higher Brexit risks in the week ahead after the EU leaders summit failed to make progress on a trade deal," MUFG notes.
"The outlook for the UK economy is darkening heading into year end which could encourage the BoE to deliver more stimulus next month," they add.