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The uncertainty surrounding the Brexit deal weighed on the British pound in recent weeks.
U.K. citizens voted to exit the European Union in June 2016, and the two sides began negotiations last year.
“Looking further ahead, our strong conviction remains that we think the UK is headed for a soft-Brexit, which will ultimately take GBP/USD above $1.40 over the medium term. We think the institutional and political constraints to a no-deal are sufficiently large to prevent such a scenario,” Kamal Sharma, director of G10 FX strategy at Bank of America Merrill Lynch, said in a note.
For more information on the U.K., visit our United Kingdom category.