GBP/USD has lost its recovery momentum. Economists at ING expect the pair to edge lower towards the 1.05 mark.

EUR/GBP to stay constrained to a 0.8900-0.9000 range

“Comments yesterday from Bank of England (BoE) Chief Economist Huw Pill were consistent with Monday's statement that the BoE would respond to the mayhem in UK asset markets at their regular monetary policy meeting on 3 November. We doubt BoE speakers today (Jon Cunliffe and Swati Dhingra) will have too much more to add. That leaves GBP/USD at the mercy of the strong dollar and a bias back towards 1.05 this week.” 

“Events on the continent may keep EUR/GBP constrained to an 0.8900-0.9000 range.”