GBP/USD is showing resilience above 1.31. However, economists at ING expect the pair to break under this level by the weekend.

Money markets embed five more hikes by end-2022, offering some support to GBP in the background

“For now, money markets are embedding five more hikes by the end of the year, which is likely offering some support to GBP in the background.”

“Adverse energy developments caused by new sanctions might take a toll on GBP this week, and cable could make a decisive move below 1.31 by the weekend.”