GBP/USD set to tick down towards the 1.2850 zone – ING

GBP/USD is having a difficult time staging a convincing recovery and stays within a touching distance of 1.30. Economists at ING expect the pair to break down to the 1.2850 area.

GBP/USD to remain under pressure for the next six to nine months

“Given that we continue to back the dollar over the coming months, we suspect it is just a matter of time before cable breaks down to the 1.2850 area. On a longer-term basis, these are cheap levels for cable.” 

“Based on our dollar view, we should see GBP/USD staying under pressure for the next six to nine months.”