GBP: December BoE rate cut looks underpriced – ING
Source Fxstreet
Pound Sterling (GBP) has bounced after the BoE’s steady decision, but with Governor Bailey leaning toward a December cut, downside risks for GBP remain, ING's FX analyst Chris Turner notes.
BoE hold lifts GBP
"Sterling is enjoying a modest recovery after the Bank of England left rates unchanged yesterday. However, it now seems Governor Andrew Bailey is the swing voter and minded for a December cut. That outcome is only priced with a 70% probability right now, meaning that there is scope for lower short-term rates and a weaker pound."
"Expect EUR/GBP to find good support if it gets anywhere near the 0.8760 area, and we would expect it to be trading above 0.88 heading into the Budget later this month."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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