#EURGBP @ 0.87857 can push back above 0.8800 if the ECB hikes 50 bps without unnerving banking stocks – ING

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EUR/GBP seemed to come lower yesterday on stress in the Europan banking sector. Hoever, a 50 bps rate hike by the ECB could lift the pair above 0.88, economists at ING report.

“Once again, the performance of the European banking sector will probably determine the EUR/GBP performance over the near term – although should the ECB be able to credibly hike 50 bps today without unnerving banking stocks, EUR/GBP can push back above 0.8800.”

“Expect GBP/USD to bounce around in a 1.20-1.22 range until this banking sector crisis calms down.”

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