Societe Generale: UK Fiscal Outlook Remains Gloomy, Pound May Gradually Weaken in the Medium Term
According to a report by Jinse Finance, Kit Juckes, an analyst at Société Générale, stated that the British pound may weaken in the medium term due to the bleak fiscal outlook in the UK. He pointed out, "Higher taxes are on the way, economic growth will slow, and the pound will weaken further." However, he believes the decline in the pound may be gradual. As a result, investors need to be "very patient," or take advantage of opportunities when speculators cover their short positions to secure better entry points. Juckes expects that by the end of summer, the chart support level for the euro against the pound may rise to 0.8700, with the potential to move even higher.
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