EFTA Document EFTA01459597

12 January 2016 FX Blueprint: Forever Young Theme #2: Brussels sprouts - sell GBP vs USD & SEK • Stretched valuation, unsustainably large capital inflows and renewed political risks spell the end for the sterling uptrend. • Stay short GBP/USD as Fed and Bank of England policy diverges. Short GBP/SEK also makes sense from a relative value perspective. Sterling has far outshone its peers since the start of the dollar uptrend in April 2011. The pound has fallen just 7% against the gree