GBP/USD: Still Largely A USD Depreciation Story Than A GBP Positive Story: What's Next? - BTMU

BTMU Research discusses GBP/USD outlook and notes that the pound is grabbing more of the headlines in recent days and there have been some GBP specific gains recorded with EUR/GBP moving lower since the start of the year despite another lurch higher in EUR/USD.
"But the move higher in GBP/USD is still largely a dollar depreciation story rather than a GBP positive story. EUR/GBP is today trading at around the same level as back in June last year – a time when EUR/USD was trading some ten big figures lower at around 1.1200. The pound is only marginally stronger on a BoE trade-weighted basis over the same period – advancing from around 76.500 to 78.000 – around a 2% gain," BTMU argues. 
"Our reasoning for our bullish GBP/USD forecast for end-2018 (1.4700) is that we expect this year to be the year when the pound actually corrects on an outright basis for the first time since the Brexit referendum," BTMU projects.