GBP/USD marches towards 1.24. However, economists at ING expect the pair to break under 1.2330 in a move back to the 1.22 lows.

EUR/GBP to continue to trade in a very wide 0.84-0.86 range

“Expect EUR/GBP to continue to trade in a very wide 0.8400-0.8600 range.” 

“Cable looks one-way traffic. We have seen the bear market bounce to 1.2500 this week and the difficult external environment would favour a break of 1.2330 support in a move back to the 1.22 lows.”