GBP/USD has gone into a consolidation phase at around 1.2250. Economists at ING expect the pair to plummet toward 1.1500 by year-end.

Cable nearing the peak?

“US Nonfarm Payrolls may fail to invert the bearish Dollar trend and GBP/USD may find a bit more support around 1.2300-1.2350.”

“However, Cable is not factoring in the negative implications of rebounding gas prices and weak economic fundamentals. A return to 1.1500 around the turn of the year seems appropriate in our view.”

See – US NFP Preview: Forecasts from 10 major banks, less strong, but not weak