David Bailin, global head of investments at Citi Private Bank, said before the Tuesday parliamentary vote that he had suggested to clients not to trade the pound.
It’s difficult to map out a scenario that will most likely happen, he explained, and because of that, it’s hard to form a view on whether the pound would rise or fall.
Greater certainty to the Brexit situation would help the British currency find a more definite direction, Bennett said. That could mean the U.K. parliament coming to an agreement on the next step to take, or a clear majority of the British people showing support for any proposal, he added.
Until then, the pound would likely remain weak against most major currencies, Bennett said.
“We can see sterling higher against the weaker dollar over this year. But against other major currencies, we think sterling will remain and under-perform, appropriately so, until that uncertainty has been taken out,” he said.