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Hardy: Words of warning on sterling's rise
Britain's economy continues to strengthen, with PMI services data hitting a record high. Jobs growth across the private sector also surged. GBPUSD rose; it's at a four year high.
Saxo Bank's Head of FX Strategy, John Hardy, says there's 'extreme complacency' in the markets and there's solid risk appetite in evidence which is favouring sterling. He expects GBPUSD to push past 1.70 but not go much further than that.
To get a better perspective on the pound's strength, he suggests looking at EURGBP. It is at the strong end of its range but John wants to see a breakout there before we can convincingly say there's more potential in the British currency.
02:08 minutes
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