The Pound’s breakout to fresh multi-year highs has been subdued so far, and while we are still looking for a test of the 1.40 region, the short-term momentum is clearly waning. From a trading perspective, we would be looking for good risk-/reward opportunities on the buy side, but that doesn’t look likely until FY26. In other words, similar to equities, the currency markets appear to be in need of a “rest”.
- We can see the Pound rotating between 1.345 and 1.365 over the coming weeks/months.
MM is now neutral on the Pound in the short term
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