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Deutsche Bank 'positive' on pound

The logo of Deutsche Bank is seen in Brussels

(Reuters) - Deutsche Bank expects the British currency to strengthen to 1.28 per dollar by the year-end as the global backdrop improves and domestic vulnerabilities reduce.

"For the first time in a long while we turned positive on the pound. The policy mix finally looks more favourable with high real rates and a much improved external balance picture compared to September," Shreyas Gopal, FX strategist with the bank said.

Deutsche Bank previously expected the pound to end the year at 1.26. The currency was last trading at 1.24 to the greenback.

(Reporting by Susan Mathew in Bengaluru)