The continued measure of UK PM Keir Starmer's relatively warm relationship with Donald Trump can be marked by the fact that when tariff noise picks up, EUR/GBP trades lower, ING's FX analyst Chris Turner notes.

GBP/USD can go all the way back to 1.22/23

"Whether the UK and the US can secure a new trade deal remains to be seen, but certainly the UK is less exposed to tariffs than its European counterparts. It is hard to argue against EUR/GBP testing major lows at 0.8225 next week."

"We are bearish on GBP/USD, however. And later in March, the refocus on the domestic UK story - and probable government spending cuts - could send GBP/USD all the way back to 1.22/23."