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#1 02-01-2020 16:28:21

johnedward
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GBP/USD: End of the Brexit saga could enable pound to climb to $1.65

GBP/USD: The end of the Brexit saga could enable pound to climb to $1.65 this year


The GBP/USD has been rising sharply since September, and has recently accelerated thanks to the Brexit's recent unwinding.

Indeed, between the low of around 1.1960 in early September and the high of 1.3515 on 13 December, the pair has gained over 1500 pips.

But despite this already amazing recent performance, some analysts believe that the advance could still be much stronger.

The British pound could soar to $1.65 by 2020 and the currency will be one of the world's largest traded currencies, a GBP strategist said on Thursday.

This is particularly true for Mike Harris, founder of Cribstone Strategic Macro, who says that the GBP could rise as investors reevaluate the long-term potential of the UK, not hesitating to talk about a target of 1.6500.

"What we're going to get is a country where everyone has been waiting - it's a massive pent-up demand - and as soon as it becomes clear that there are investment opportunities here, based on some clarity of direction in this country, the pound will be revalued," he said. "It's going to be one of the biggest trades in the world."

Harris says that he did not consider the prospect of a disorderly Brexit to be a realistic risk to the pound.

"I don't know if it's going to hit $1.55 or $1.75, but I do know this: the pound is going to get huge," he says. "Maybe it'll take a year and a half, maybe even 2 years, but the days of a scary Brexit situation are over."

Daily GBP/USD chart

http://www.forex-central.net/forum/userimages/GBPUSD-D1.png



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