From TD Securities Research, this via eFX
TD Research notes that GBP has seen more two-ways action into today's official kickstarting of the perceived two-year negotiating window on Britain's exit from the EU.
However, TD adds that barring some kneejerk moves during the past few sessions, GBP has largely reversed some the recent Brexit-related losses.
TD believes that this stems from the fact that much of the bad news and uncertainties are priced in the currency, and that actual Brexit negotiations do not begin until late Q2, leaving the market with a bit of 'a grace period'.
In addition, TD downplays the importance of a possible Scottish Referendum on GBP over the near-term.
"With positioning still sitting at record shorts and economy holding up well, we look to buy GBP on dips," TD advises.
GBP/USD is trading circa 1.2436 as of writing.
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TBH - If I'm gonna buy dips I'd prefer hommus
