GBP/USD rebounds to 1.2150. However, economists at ING expect cable to remain under pressure and test 1.1950 if the 1.2115/00 support is removed.

EUR/GBP to remain near 0.86

“The Bank of England (BoE) is going to have to stay pretty hawkish - or at least not protest against current market pricing of the BoE curve – if it wants to keep sterling supported.”

“GBP/USD to stay vulnerable. Under 1.2100/2115 could see the 1.1950 low retested.”

“And sterling is doing very well to retain EUR/GBP levels near 0.8600.”