Sterling has come back under renewed pressure. Economists at UBS expect the GBP/USD to trade in a range of 1.00-1.10.

Concerns over financial stability in the UK remain a drag on sterling 

“With markets still concerned about the viability of the government’s fiscal plans, we think the pound will likely remain volatile, trading in a range of 1.00-1.10 against the US dollar over the coming months.” 

“Worries over the financial stability of the UK is also feeding into broader market risk aversion – which is also positive for the US dollar.”