GBP: Goldman Sachs says the market isn't engaged yet, but it may soon be time to sell

Goldman Sachs notes that the GBP remains vulnerable on the forex and that one can anticipate a continuation of the decline.

"The UK Supreme Court decision on 3 November has somewhat relieved the GBP. But the mere reminder by May in her speech of the plan of triggering article 50 by March, and the exit from the EU in two years, was enough to bring down the pound towards the dips of October.

GBP/USD increased from 1.2290 on Friday to 1.2100 today. This shows how vulnerable the GBP is to a re-evaluation of the "Hard Brexit" scenario.

The forex has not yet really re-initiated GBP sales, but in our opinion this is pending while the next political events will only increase the uncertainty of relations between the UK and the EU."