GBP/USD has traded down to 1.1800. Economists at ING expect the pair to extend its fall toward 1.1650.

Sterling risks getting run over by more hawkish central banks elsewhere 

“We highlighted the outside risk of GBP/USD trading down to 1.1650. This certainly looks like the direction of travel looking at the stronger Fed policy trajectory now.”

“We continue to favour EUR/GBP trading up to and staying near 0.90 over coming months given the risk of the Bank of England shifting to a pause far earlier than the Fed or the ECB.”