ANZ - "At present, there appear to be few reasons to buy sterling and many reasons to sell it. Whatever the short run dynamics of market positioning are and being wary of chasing currency trends, a retest into a 73.3-75.0 range on the narrow measure of the effective exchange rate is conceivable. That would imply another 5% to 7% depreciation from current levels, taking GBP/USD to the low 1.40s and EUR/GBP into the low 0.90s."