GBP/USD, EUR/GBP: BNP recommends long positions on the GBP

The BNP remains bullish on the British pound:

"The British pound has grown strongly since the beginning of November, supported by the BoE (which now has a neutral monetary policy bias), the British High Court (which reported that parliament must approve the invocation of the article 50 to leave the EU) and the latest government information suggesting that we should avoid a "hard Brexit".

We still recommend positioning ourselves in favour of a rise of the GBP/USD towards 1.31. We are targeting 0.80 on EUR/GBP by the end of the year." says the BNP.