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ANZ: sell GBP/CHF in November

Strategists at Australia and New Zealand Banking Group (ANZ) recommend selling GBP/CHF in November.

They point that the cross was traditionally falling in November in 11 out of the last 14 years for an average spot decline of 1.0%.

From the fundamental view, ANZ also sees the GBP upside limited in the near-term:

"The BoE has become more dovish due to rising short-term risks to growth emanating from Europe and slowing inflation. Rates market pricing for the BoE’s first interest rate hike has been pushed out to Q2. This will keep upside in sterling capped in the near term," analysts project. 

Chart. Weekly GBP/CHF

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