GBP: getting short post BoE - TDS

The May BoE releases do not present an immediate call for action with respect to sterling.

Key Quotes:

"The GBP has strengthened against most of its G10 peers in the wake of today’s events, but we do not see anything in the policy package that would suggest this move is likely to become a sustained move higher.

Instead, we think this latest rally in cable (and dip in EURGBP) offers an opportunity to re-load strategic GBP shorts for the further depreciation we see ahead of the referendum."