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Ali Farhad

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I think it is a question of looking at the current market environment (we are seeing massive selloffs in equity markets and money flows to safe haven assets).

Because investors and traders are looking to more safe haven assets, we are seeing less GBP buys. However, Brexit issues are always lingering, and the fact that the UK government mentioned that they could walk away from talks triggered another GBP sell off. 

It was a little unexpected and so we saw the currency fall a lot lower, and if we add to that the flows to risk off assets then that continues to weaken the currency. I do believe however that we will see a rise in the pound moving further into the year. 

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