ING predicts that the lower limit for the GBP/USD currency pair this week should be around 1.2590 to 1.2620.

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GBPUSD Chart by TradingView

The Sterling trade-weighted index is only marginally weaker since the Bank of England ‘only’ hiked by 25 bps last Thursday. Economists at ING analyze GBP outlook.

We look for one more hike to 5.50% in the Bank Rate (probably at the September meeting) before the BoE is prepared to go into a formal pause. This all points to a range-bound sterling over the next couple of months, but we retain an upside bias in EUR/GBP into year-end.

For Cable, we see 1.2590/1.2620 as important support and what should be the lower boundary of this week’s range.

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