What if the pound outruns the euro as the US dollar breaks down? Given the extreme long positioning in the euro, measured by CME currency futures, and the negative positioning as of last Friday for the pound despite its rally, out-performance of the pound would not surprise. I.E. there is a lot of positive sentiment embedded in the price of the euro, not so much in the pound.
…and what if the UK economy surprises to the upside once the shackles of EU regulation are cast off?
