GBP/USD is trading under pressure below 1.1300. In the view of economists at ING, the pair could trade back below the 1.10 level.

GBP downside risks persist

“We still struggle to see a return to 1.15+ levels in cable, as a combination of political instability, risks of a deeper recession and smaller rate hikes by the BoE along the path of fiscal rigour – along with a strong dollar - may more than offset the benefits of quieter debt-related concerns.”

“It’s too early to dismiss a return to sub-1.10 levels.”