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Takeaway: We remain bullish on the British Pound.

Our bullish call on the British Pound was borne out of our Q4 Macro themes call.

We believe the health of a nation’s economy is reflected in its currency. Likewise, we remain bullish on the regime change at the Bank of England, replacing Governor Mervyn King with Mark Carney.

If we look at the GBP/USD cross, we believe the UK’s hawkish monetary and fiscal policy should appreciate the GBP, as Bernanke/Yellen continue to burn the USD via delaying the call to taper.

HEDGEYE MACRO: #POUNDBULLS - hed pound

(Editor's note: This is a brief excerpt from Hedgeye research. For information on how you can subscribe click here.)