EUR/GBP breaks below 0.8750 on strong UK data, USD weakness and Brexit optimism.
We expect EUR/GBP to break lower in 6-12M on Brexit clarification. We target 0.85 in 12M, but stress that the risk is that the EUR/GBP breaks lower earlier than we forecast and that the cross undershoots our forecast.
We recommend clients with GBP income/assets to hedge GBP exposure via options. We are short EUR/GBP as one of FX Top Trades for 2018 via options.
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