We have been surprised by how quick the markets have been to readily assume that a sizeable majority would allow the Prime Minister to soften the edges of his Brexit plans. If anything, since the election, the PM has been keen to emphasise that the commitment to leave the transition phase by end-2020 is a manifesto pledge that he intends to adhere to," says Kamal Sharma, a strategist at BofA Global Research. "We are sceptical that GBP is as undervalued as many observers believe."


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