Despite all the noise that surrounds the ongoing Brexit talks, it is interesting that GBP has strengthened by 5% in recent weeks versus both EUR and USD. Any additional rally by GBP versus EUR and sterling will break below the consolidation triangle that has been in place since 2016. A meaningful rally could be starting. Relative to USD, a similar setup is taking shape. The chart on the right shows that GBP is showing relative strength versus USD and improving momentum, despite the 2018 decline in this relative currency pair. We still need to get through the next couple of months of political maneuverings as the 29 March deadline approaches, but I continue to believe an opportunity to add an allocation to UK assets may be close at hand.
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