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UBS Ends Trade Recommendation to Sell U.K. Pound Versus Dollar

July 14 (Bloomberg) -- UBS AG ended a trade recommendation to sell the pound against the dollar after the U.K. currency rose, surpassing the bank’s upper limit to protect against greater losses.

“We exit our short pound-dollar trade,” Gareth Berry, a strategist at the Swiss bank in Singapore, wrote today in an investor note. “The rationale for being short sterling is still intact,” he said.

The pound rose 0.7 percent to $1.5281 as of 11:48 a.m. in London.

To contact the reporter on this story: Paul Dobson in London at pdobson2@bloomberg.net

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net

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