There may be a Downside Move Towards the 1.2200 Area If the GBP/USD Moves Below the 1.2340/50 Area - ING

EnclaveFX Ltd
May 25, 2023

EUR/GBP and GBP/USD outlooks are discussed by ING economists.

It is likely that EUR/GBP bias will be retested at around 0.8650 in the near future

"I think it is now more likely that the EUR/GBP will retest the 0.8650 area over the coming weeks, and we will definitely have to see some softer wage and price data in the next few weeks in order for the Bank of England to decide against another hike of 25 basis points on June 22nd."

"There seems to be decent support for GBP/USD near 1.2340/50. In the event of a breakdown below that range, the downside could potentially reach the area of 1.2200."


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