GBPUSD may trade back to 1.10 over coming months – ING GBPUSD UnitedKingdom Banks
GBPUSD is staging a downward correction. Economists at ING expect Cable to move back lower to 1.10 over the coming months.“The UK Chancellor, Jeremy Hunt, has been ramping up the rhetoric that Thursday's autumn statement is going to hurt – comprising tax rises for all and a large cut in government spending. None of the choices are politically palatable, but failure to deliver would trigger another round of Gilt and Sterling sales.
“1.1670/1.1750 could be the short-term corrective low for GBPUSD before a possible push to 1.20 on a further short-squeeze . But in the bigger picture, even these current GBPUSD levels near 1.18 should prove attractive for those with GBP receivables.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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