Triple woes weigh on the GBP

The pressure on the GBP looks set to continue with monetary policy, COVID 19 cases, and Brexit cliff edge negotiations all conspiring against it.
Monetary Policy
At the last MPC vote Haskell and Saunders split the vote looking for an increase in QE to £100 billion. Meanwhile, BoE’s Haldane talking on negative interest rates said:
“on negative rates, BoE buying riskier assets – says these are something the Bank needs to look at, and are looking at, with somewhat greater immediacy”
Expect any growing mention of negative interest rates to really accelerate the GBP’s falls. 
COVID19 cases
The total number of COVID19 cases in the UK are around 250K and deaths are currently around 35K. This is the third highest death toll and the fourth highest number of cases in the world. The UK alongside the US has been slow to respond to COVID19 and this has led to higher cases.
Brexit deadline looms
The UK’s transition period ending without a deal will be the worst case scenario for GBP bulls. With the UK not prepared to give any grounds for an extension to the period the so called ‘Hard Brexit’ looks increasingly likely. Ok, so these deals often get done on the ‘steps of the court’ , but even so this deal is tricky and hard to see how it can be done quickly.
All of the above mean that the GBP’s medium term outlook remains a ‘sell on the rallies’.
Expect any growing mention of negative interest rates to really accelerate the GBP’s falls.
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