GBP/USD edged lower dropped below 1.1500. Economists at ING expect the pair to stay offered.

0.86-0.87 could be the new trading range for EUR/GBP

“The broadly stronger dollar has seen GBP/USD losses extend and the 1.1410 March 2020 flash crash low come into view.” 

“Given the negative growth environment – sterling is a pro-cyclical currency – it is hard to see the pound turn around against the dollar.”

“It seems the UK bond market is starting to prove uneasy with the fiscal outlook – potentially inserting a sovereign risk premium into sterling.”

“Cable should stay offered, while 0.8600-0.8700 could be the new trading range for EUR/GBP.”