Following a dovish 9-0 change in MPC voter complexion last week some may question our call for GBP long positions.

Perceiving, however, that FX markets have moved beyond carry trading themes, GBP is an attractive buy and hold for the week ahead while markets digest the ramifications of recent policy moves.

We do not disregard the UK political obstacles that lie ahead for GBP in 2015, but rather see those obstacles as likely being of secondary concern in the short-term as investors focus on capital preservation.

Thus with our FX Positioning Watch indicating that plenty of room exists for GBP covering we buy.

FX is all about relativities however ugly the comparison.

We sell EUR/GBP at 0.7470 targeting 0.7150, stop loss 0.7620.

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