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May 15 - 10:55 AM

GBP: 3 Reasons To Stay Bullish Sterling; We Stay Short EUR/GBP 💷 - Goldman Sachs

By eFXdata  —  May 15 - 09:30 AM

Goldman Sachs maintains a constructive stance on Sterling, despite its vulnerability to risk-off events.

Their bullish outlook stems from several factors: 1) The headwinds that burdened the Sterling in 2022, including high natural gas and energy prices, Brexit-related complications, and the relative stance of BoE policy, have all lessened, leading them to recommend staying short on EUR/GBP with a target of 0.86.

2) The BoE's recent significant forecast upgrades to growth and inflation suggest a risk of more persistent inflation that would necessitate further monetary policy tightening.

3) The BoE's policy stance no longer appears as an outlier in the G10, turning the previous negative influence on the currency into a positive one.

Goldman Sachs Research/Market Commentary


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