Considering that speculative short positioning remains relatively
elevated, further position squaring related upside cannot be excluded
after data confirmed better business activity for the broader economy.
Even if the BoE is likely to remain cautious as overall uncertainty
is likely to remain intact for longer, there is room of further
stabilising monetary policy expectations
it comes to majors such as GBP/USD we do not exclude that levels closer
to 1.35 and above will be reached before a sell can be considered
anew. This is especially true as any sustainable uptrend would require rising rate expectations.