GBP/USD could drop to 1.17, even 1.15 – ING

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GBP/USD advances to 1.1960 despite political moves on Downing Street. However, ING economists point out that the pair could fall to 1.15.

Political chaos leaves GBP highly volatile

“Seems Prime Minister Boris Johnson unlikely to keep the keys to Number 10 Downing Street next week. This will cause a leadership vote in the Conservative Party and possibly an earlier-than-expected fiscal stimulus. This makes the British pound a good sell.”

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“The GBP/USD remains vulnerable to rumors of a global recession and bearish equity markets, with a bias towards 1.17 or maybe 1.15while EUR/GBP looks more volatile in a range of 0.8550-0.8650, where the Bank of England looks more aggressive in tightening than the ECB.”

Source: Fx Street

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