Some analysts pull back their pessimistic sterling bets

The pound’s resilience following buoyant post-Brexit economic data is encouraging some sterling pessimists to rethink their short-term strategies.

Deutsche Bank has exited a bet for sterling to fall on a trade-weighted basis, while retaining its longer-term negative view on the UK currency.

UniCredit said it had closed a short pound-dollar position, or a wager sterling would weaken, to reduce “tactical” risk.