#GBPUSD @ 1.18148 -imp levels: still seen lower at 1.17/16 for this week – ING
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GBP/USD gained more than 50 pips on Tuesday and went into a consolidation phase above 1.18 on Wednesday. Nonetheless, the pair is expected to drop towards 1.17/16 this week, economists at ING report.
“We see downside risks for cable as yesterday’s dollar drop may be unwound further, with 1.16/1.17 remaining the bias for this week.”
“EUR/GBP may bottom out if it reaches 0.8400, as similar economic troubles for the UK and the eurozone argue against sustained deviations from its recent range.”
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