 ANZ Research likes short GBPCHF exposure in spot targeting a move towards 1.11.We do not expect the broad November 2022 rally in the GBP to be long lasting given the UKs weak economic fundamentals: its twin deficits, high inflation and rising interest rates. The Bank of England predicts a two-year recession ahead. While yields and improving risk sentiment have driven recent upside in the GBP, the yield differential with the CHF is expected to continue narrowing, ANZ notes. 