IG Markets: Pound seen falling to 1.1800 level as Brexit woes worsen

IG markets say

The GBPUSD may fall further as funds fret over the UK’s divorce from the EU, according to IG markets.
They say:
  • “PM Johnson putting together a brigade of Brexiteets to take a hard line with Europeans are seeing markets react negatively to sterling”
  • “The rates futures curves in the UK shows an increased chance the Bank of England will cut rates next year as markets price a hard Brexit shot to the economy, and that’s also weighing on the currency”
  • “Breaching the 122 level where there was reasonable support is significant — we are open now to the downside”, with 1.1800 as a target over the next several months
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