The British pound has been the best performing G-10 currency in 2019.
Traders of the British pound have shown a bias towards belief that a soft Brexit will happen but a disorderly exit from Europe remains very much alive.
The currency strategist said there seems to have been a view that a hard Brexit will be avoided and that had led to a situation where"a lot more good news was baked into the price than bad news." Foley argued that any long delay to Brexit might see sterling"knee-jerk" to $1.40 but that figure would be hard to maintain as uncertainty lingered.
The bank's Head of UK Rates Strategy, John Wraith, told CNBC Tuesday by phone that that trading level may also be achieved by a long extension to Britain's departure from the European Union but uncertainty would persist.
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