GBP/USD set return to the 1.19 area – ING GBPUSD Banks
GBP/USD stays on the back foot and continues to stretch lower toward 1.2100. Economists at ING expect the pair to trade back to the 1.19 zone.“If we are turning to a more macro-led trading environment, then Sterling should underperform.” staying hawkish into a recession should see equity markets come under renewed pressure. Typically, this is a negative environment for Sterling, where the UK's large current account deficit is penalised.
“GBP/USD has turned from a strong resistance level at 1.23 and our bias into next week would be for a return to the 1.19 area.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.
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