GBP/USD may struggle to break 1.22 – ING

Today, UK Chancellor Jeremy Hunt will present what has been billed as a 'budget for growth'. Economists at ING expect GBP/USD to remain under 1.22.

EUR/GBP can reclaim recent losses and head back to 0.89

“We doubt anything in the Budget will be Sterling negative – after all taxation levels are near the limit – but equally we do not see it as especially Sterling positive either.” 

“With the Bank of England nearer to a pause than most, we think EUR/GBP can reclaim recent losses and head back to 0.89, while cable may struggle to break 1.22.”