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The Pound Has Little Room to Rebound, Even With a Brexit Breakthrough

  • Sterling rallied last week on reports of U.K.-EU compromise
  • Santander expects ‘buy the rumor, sell the fact’ dynamic
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Brexit Breakthrough Hits Irish Border Snag

The pound may not have much room to rebound further even if Brexit talks advance this week.

A market that is already positioned for a breakthrough in the talks, as well as the possibility of the Federal Reserve raising U.S. interest rates in December, could put a cap on sterling’s gains, according to Stuart Bennett, head of Group-of-10 currency strategy at Banco Santander SA.