EUR/GBP has climbed back to the middle of the 0.83-0.84 range after having failed to decisively break below the 0.83 support earlier this week. Meanwhile, cable seems, for now, stuck at 1.32 after having briefly traded around 1.33 again. Economists at ING expect EUR/GBP to break under 0.83 whereas GBP/USD is unlikely to slide below 1.30.

EUR/GBP set to break below the 0.83 level in the near-term

“The euro’s higher exposure to Russia-related and commodity-related risks warrants a break below the 0.83 level in the near-term.”

“Some support to the dollar may put some pressure on the cable in the coming days but there may not be enough bearish push to send it below 1.30.”