#GBPUSD @ 1.18447 -imp levels: to test 1.20 on a break above 1.1880 – ING

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GBP/USD grinds higher above mid-1.18s. A break past 1.1880 would clear the way towards the 1.20 level, eocnomists at ING report.

“With the market long dollars, cable is at risk of a short squeeze. We see 1.1880 as key intra-day resistance here above which we could be looking at a retest of 1.20.”

“For EUR/GBP, we would still favour the 0.8400 area as higher GBP rates force foreign holders of UK Gilts to lower rolling forward hedge ratios.”

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