The pound will react more to U.K. economic indicators than Brexit in the first half of 2020, according to currency strategists.
Meanwhile, the U.K. saw substantial improvements in the current account and basic balance in the third quarter of 2019 despite the still-present risks of a hard Brexit, the Nomura note highlighted.
Beyond domestic indicators, a combination of central bank balance sheet expansion, U.S.-China trade progress and the beginnings of a recovery in the cyclical slowdown of global macro data are likely to benefit high beta currencies such as sterling, while exerting downward pressure on the dollar.
Bunning suggested that investors should instead look to U.K. economic indicators, with any improvement likely to elicit significant upside potential for the pound, which he contended is "still cheap on a long term basis."
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