Rabobank predicts that the GBP/USD exchange rate, currently at 1.25257, has the potential to move lower towards 1.23 within the next three months.

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GBPUSD Chart by TradingView

The recent decline of the GBP/USD pair was driven mostly by US Dollar strength rather than the decline in Bank of England rate hike expectations, noted analysts at Rabobank. They see scope for the pair to slide toward 1.23 on a three month perspective.

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