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The rate of the British currency against the euro reached its lowest level since January this year.
Westpac experts believe that now is the time to buy the pound.
They recommend selling EUR/GBP from 0.9085 with the target at 0.8845 and a stop at 0.9125.
The bank's strategists note that a combination of factors speaks in favor of a short position in the pair.
"Hysteria regarding Brexit without a deal seems to have reached its climax. The British Prime Minister candidates, Boris Johnson and Jeremy Hunt, added fuel to the debate, but these were the last, and when one of them heads the government, it will be forced to act more carefully to gain the support of parliamentarians. The need to support the deputies also gives reason to think that the fears regarding the "cleansing" of the Cabinet of Ministers from the supporters of the preservation of the country in the EU risk being excessive," the experts said.
"The European Central Bank (ECB) is also capable of reducing EUR/GBP, which will meet next week on July 25. According to its results, we can expect to soften the rhetoric of the regulator, which will strengthen expectations regarding the weakening of the monetary rate, which implies a reduction in the deposit rate, which is already negative, or the resumption of asset purchases," they added.
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