T-Trade

"(W)e believe that the GBP exchange rate has limited further potential for recovery in the short term," … the "end of the Brexit transition period is approaching, which should also bring the risk of a no-deal Brexit more into focus," Commerzbank (DE:CBKG) said.

Without a deal, the U.K. would trade with the EU on WTO rules from next year onward, which would be a "bitter blow for both sides in real economic terms, but above all for the British economy, for which the EU is by far the largest trading partner," the bank added.