GBPUSD @ 1.22269 – set to return to the 1.20 area – ING
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The softer dollar allowed a decent reprieve to GBP/USD yesterday, but the move stalled before resistance at 1.2300. Economists at ING expect the pair to turn back lower towards 1.20.
“We think cable will struggle to get above the 1.23 level and would favour a return to the 1.20 area. We would have tight stops on short cable positions just above 1.2300, however.”
“A quiet August with benign conditions could see EUR/GBP edging back below 0.8400 – confounding the pound pessimists.”
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