September 5, 2019 / 8:19 AM / in 6 months

Sterling could rally to $1.30 if Brexit is delayed - UBS Wealth

FILE PHOTO: The logo of Swiss bank UBS is seen in Zurich, Switzerland October 25, 2018. REUTERS/Arnd Wiegmann

LONDON (Reuters) - The pound could rally to $1.30 if Brexit is delayed until January 2020 and an election is held after October, strategists at UBS Global Wealth Management said.

The British parliament voted on Wednesday to prevent Prime Minister Boris Johnson taking Britain out of the European Union without a deal on Oct. 31, but rejected his first bid to call a snap election two weeks before the scheduled exit.

If a Brexit transition deal with the European Union is struck, the pound could extend its rally to a May 2018 high of $1.35, UBS said.

Reporting by Saikat Chatterjee; Editing by Tommy Wilkes

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