GBP/USD remains vulnerable to the 1.20/1.21 area – ING
|GBP/USD extended its decline and came within a touching distance of 1.2100 on Wednesday. Economists at ING analyze Sterling’s outlook.
Caught in the crossfire
Sterling has probably been caught in the crossfire of position adjustment. Speculators had been trying to hold onto long Euro and Sterling positions through the spring, despite the strengthening Dollar. Presumably, these positions have now been cut.
Like EUR/USD, the GBP/USD pair remains vulnerable to the 1.20/1.21 area.
See: GBP/USD could consolidate back above 1.27 by year-end – ANZ
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. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.