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Credit Agricole: bullish on GBP/CHF

French Credit Agricole holds a long position on GBP/CHF from 1.5140 with a take profit at 1.5800 and a stop at 1.4700. Position size is $10M.

According to analysts, political uncertainty in UK eased after the Scottish referendum. The currency has become driven mostly by the constructive UK growth prospects. The BOE Governor Mark Carney has just recently stressed that the point at which interest rates begin normalize is getting closer.

Given the fact there is little scope of the SNB turning less dovish in the near-term future, the cross should benefit from diverging rate expectations further.

Chart. Weekly GBP/CHF


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