#GBPUSD @ 1.18355 GBPUSD could drift back to the 1.1700/1710 area this week – ING
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After a wild ride since the late summer, Sterling could now begin to take less of the limelight. GBPUSD could move back lower to the 1.1700/10 area this week, in the view of economists at ING.
“EURGBP is softening as the Euro seems to be taking the larger strain of the softer China view. However, 0.8665 should be good intra-day support. We are more bearish on GBPUSD. And unless Wednesday’s FOMC minutes throw up some dovish surprises, GBPUSD could drift back to the 1.1700/1710 area this week.”
“Our year-end GBPUSD target remains a reasonably aggressive 1.10 – largely on the back of renewed Dollar strength.”
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