GMT Many corporate clients EUR/GBP

GMT Many corporate clients who export to the U.K. or those with production in the U.K. have so far chosen not to hedge their sterling exposure and are waiting instead to see if the pound turns higher, says an analyst at a Scandinavian bank. This is a risky strategy and could mean a scramble to hedge exposures once sterling breaks below key levels, such as below $1.20 in GBP/USD, the analyst says. "It is very risky because if sterling falls further they could fix at an even lower rate." GBP/USD trades at $1.2216, EUR/GBP at 0.9023