Morgan Stanley Trade of the Week: Sell GBPJPY

Trade of the week: Short GBPJPY at 186.50, stop at 188.00 and target 176.00. GBP should come under increasing selling pressure as the focus shifts from economics towards the changed BoE reaction function and Brexit risks. The dovish BoE suggests that GBP has become less USD-like and more EUR-like. PM Cameron is taking a tough line, suggesting that the UK may have to consider whether to remain in the EU.

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