Economists at Wells Fargo expect further significant weakness in the pound. They forecast GBP/USD around parity over the next six months.

BoE rate hikes to fall well short of the Fed

“With the UK still seen falling into recession and CPI inflation expected to peak lower than previously, we expect Bank of England rate hikes to fall well short of the Fed, or tightening currently implied by market participants.”

“We expect the pound to fall close to parity versus the US dollar over the next six months.”