GBP/USD COULD DROP BACK TO 1.2290 PERHAPS 1.2250 – ING
The latest comments by BoE Chief Economist Huw Pill could hold Sterling back, in the view of economists at ING.
EUR/GBP could trade back up to 0.8710/0.8720
BoE Chief Economist Huw Pill said that expectations for rate cuts from next summer looked reasonable. We think these comments are a mild Sterling negative and given the risk that Fed-speak puts equities on the back foot again, risk-sensitive Sterling could hand back some of its recent gains.
For example, EUR/GBP could trade back up to 0.8710/0.8720 and GBP/USD could drop back to 1.2290 perhaps 1.2250.
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