Pound goes south

Credit Agricole says about the prospects for the British pound, which dramatically weakened position after the announcement of the results of the parliamentary elections. Albion got a hung parliament, which, at first glance, worsens the position of Terezy Mey in the negotiations with the EU on Brexit.

The Bank carries out historical parallels and points out that the last time the coalition in order to obtain a majority in parliament took place in 2010. Against this background, the sterling continued to fall because of the uncertainty, the political risks of growth and volatility. The same thing is happening today: despite the mass exodus of speculators from the short on the pound, the uncertainty about the composition and the government forces, as well as the approach of the date of the negotiations with Brussels putting pressure on the GBP / USD.

For this reason, Credit Agricole said that the pair may return to the level of 1.25, while the EUR / GBP rises to 0.9.

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