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Piet Christiansen, Senior Analyst at Danske Bank, stressed the Sterling should remain under pressure on Brexit developments in the near term.

Key Quotes

EUR/GBP bounced on Friday on comments from the UK Prime minister”.

“Meanwhile, Labour leader Jeremy Corbyn kept the door open for another Brexit referendum saying that he would like a general election rather than a second Brexit referendum but would be ‘bound’ by the decision of members”.

“The Labour Party conference kicked off yesterday and continues until 26 September. The next key event will be the Conservative Party congress starting on 30 September”.

“We expect GBP to remain volatile and very sensitive to Brexit news in coming months. We target 0.89 in 3M, with risks skewed to the upside”.