The pound is a bargain and may strengthen to $1.45 once the uncertainty surrounding Brexit starts to get resolved, according to Merian Global Investors Ltd.

The London-based money manager has a long position on sterling, betting the economy will improve as soon as the protracted chaos over the U.K.’s separation from the European Union is over.

“Sterling is cheap particularly if we get any level of clarity,” said Huw Davies, fixed-income investment director. “We’re long and trading the range. With any level of clarity, it could get well up to $1.40 or $1.45.”