GBP/USD lost nearly 300 pips last week and continues to trade on the back foot within a touching distance of 1.18. In the view of economists at ING, cable could fall as low as 1.15.

Does 1.15 beckon for cable?

“The mighty dollar is causing problems for all and cable could well retest July's 1.1760 low this week. Thereafter it is hard to rule out a move to 1.15 – a level seen in the March 2020 flash crash.”

“We still have a preference that EUR/GBP does not need to rally too hard – given challenges faced in the eurozone – but acknowledge that sterling does look vulnerable.”