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May 11 - 02:55 PM

GBP: Waiting For Tomorrow's Data Dump; A Tech Correction In GBP/USD Could See 1.25 Before Lower - ING

By eFXdata  —  May 11 - 01:30 PM

ING Research discusses GBP near-term outlook.

"EUR/GBP is consolidating ahead of tomorrow's data dump - which includes 1Q22 GDP and March activity data. Expect further range trading, although politics is never far from sterling and could weigh on it at any time. Here UK-EU trade relations seem to be deteriorating again, with Downing Street threatening to unilaterally suspend parts of the Northern Ireland protocol. Doing so could spark an unwelcome trade war," ING notes. 

"GBP/USD is consolidating after heavy losses. A technical correction could see 1.2500 (1.2600/1.2660 looks too far) before the bear trend resumes to drag GBP/USD to 1.20. That certainly looks the direction of travel over coming weeks and months," ING adds. 

Source:
ING Research/Market Commentary

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