GBP/USD set to test the 1.20 level – ING

Market news

3 October 2023

GBP/USD set to test the 1.20 level – ING

GBP/USD looks on track to test the 1.2000 support level, economists at ING report.

1.2000 in sight

The GBP/USD 2-year swap rate gap has shrunk to only 17 bps – from a 135 bps peak in July – after the combined effect of a hawkish Fed and dovish Bank of England repricing. That swap rate gap is consistent with GBP/USD trading around current levels and a break below 1.2000 would not be an aberration compared to recent history.

Should we see the 1.2000 support collapse, the 1.1830 March low is the next support level to watch.

Spain 6-Month Letras Auction rose from previous 3.654% to 3.823%

EUR/GBP continues the winning streak near 0.8670, ECB Lagarde’s speech eyed

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