FXstreet.com (Barcelona) - The Sterling is trading in a bullish pattern since having bounced from 1.3650 in March 11, reaching levels right below 1.4700, and according to the UBS Bank's forecasts, the trend will continue during the next 12 months.

The Swiss UBS Bank sees the Pound at 1.60 in 12 months: We lift our GBPUSD forecast from previously 1.45 in 3M and 6M and 1.65 in 12M to new 1.48 in 3M, 1.54 in 6M and 1.60 in 12.

Accordingly, the EUR/GBP will reach 0.94 in the same period: This leads to a new forecast in EURGBP of 0.93 in 3M and 0.94 in 6M and 12M. In our view quantitative easing hurts GBP is as much as the USD, but GBP is already undervalued.