GBP: Morgan Stanley says the pound now offers a tactical trading opportunity on the forex

Morgan Stanley believes that the GBP currently offers a good short-term tactical trading opportunity on the forex.

"The expectations of a further decline of UK rates this year have gradually increased in recent weeks, confronting a forex market that is still heavily short on the GBP. While we have little doubt that the GBP will resume its long-term downward trend later this year, we see a tremendous buying opportunity on the GBP in the short term."