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Analysts at Scotiabank explained that Sterling trading is likely to remain somewhat circumspect as Brexit and the resulting political headwinds continue to overshadow the GBP outlook..

Key Quotes:

“UK retailers reported softer sales through Oct, according to the CBI’s survey which showed a net balance of +5, the slowest since Apr and down from +23 in Sep. Volumes slid sharply as well, with the CBI reporting that sales were “noticeably” below average and one of the weakest reports for this time of year in more than 5 years. Retailers will hope  that the government’s apparent plans to reduce austerity in Wednesday’s budget statement will boost consumer activity. Sterling trading is likely to remain somewhat circumspect as Brexit and the resulting political headwinds continue to overshadow the GBP outlook.”