Economists at ING believe that a move below the 0.88 mark in the EUR/GBP pair is on the cards.

BoE unlikely to deliver more than one hike

“We are not convinced the BoE will ultimately deliver more than one hike, and given the Pound’s high sensitivity to the BoE story, we are struggling to see a sustainable outperformance of Sterling against the Euro in the coming months.”

“But we have to admit that a break below 0.8800 in EUR/GBP is a tangible possibility in the very near term, and a recovery from those levels (which is our base case) may only be gradual.”