GBP/USD set to return to the 1.20 area – ING
|The softer dollar allowed a decent reprieve to GBP/USD yesterday, but the move stalled before resistance at 1.2300. Economists at ING expect the pair to turn back lower towards 1.20.
EUR/GBP could edge back below 0.8400
“We think cable will struggle to get above the 1.23 level and would favour a return to the 1.20 area. We would have tight stops on short cable positions just above 1.2300, however.”
“A quiet August with benign conditions could see EUR/GBP edging back below 0.8400 – confounding the pound pessimists.”
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