GBP/USD continues to push lower toward 1.17. Economists at ING believe that a fall to the 1.15 area is on the cards.

Downside risks for sterling

“Rising energy prices should have put pressure on UK PMIs too, and this may keep the pound without any real solid floor against dollar appreciation.” 

“Downside risks to GBP/USD remain quite elevated, and a move to the 1.1500 mark (last seen during the March 2020 flash crash) now looks like a tangible possibility.”

“EUR/GBP should instead keep trading in tighter ranges, as markets see the eurozone’s and the UK’s economic outlook following similar rocky paths. Oscillations within the 0.8400-0.8500 range may continue to rule in the near-term.”