GBP witnessed largest weekly advance since 2009 - BBH

Research Team at BBH, notes that the sterling's 2.75% appreciation last week was the largest weekly advance since 2009. 

Key Quotes

“The main driver was not US politics,  but the combination of the High Court ruling requiring Parliament vote on Brexit before Article 50 can be triggered and a shift in the Bank of England's stance (now neutral) and upward revisions to its growth and inflation forecasts for 2017.  

Sterling's technical tone has improved as it has strung together a six-day advancing streak, matching the longest rally of the year.  Our next target is in the $1.2625-$1.2650 area.  On a Trump victory, sterling could rally toward $1.2750-$1.2800, and possibly toward $1.30.”