Citigroup Advises Investors Buy U.K. Pound Against Swiss Franc

By Daniel Tilles

Jan. 29 (Bloomberg) -- Investors should buy the pound against the Swiss franc, targeting 1.70, Citigroup Inc. said.

The franc “is likely to suffer on the basis of verbal or outright Swiss National Bank intervention,” a team of Citigroup strategists including Todd Elmer in New York wrote in a report dated today. Investors should exit the trade if the pound weakens to 1.6150 francs, the analysts said.

The British currency rose 0.2 percent against the franc to 1.6432 as of 2:26 p.m. in London.

To contact the reporter on this story: Daniel Tilles in London at dtilles@bloomberg.net