Ekonomické zprávy
08.11.2021

GBP: Back to Brexit - ING

FX Strategists at ING discuss the GBP outlook.

"After the shock of unchanged BoE rates last Thursday, GBP is staying gently offered. In focus now is tension between the UK and the EU over the border in the Irish Sea and what seems to be the UK's plans to hit the reset button by triggering the Article 16 protocol. Press reports suggest this may happen by the end of November. This issue has been bubbling since the summer but has failed to hit GBP too severely. And we suspect that GBP can hold up ok, assuming that the prospect of a BoE rate hike in December remains live."

"It is not a view held with much conviction, but we prefer not to chase EUR/GBP higher and see 0.8600 as the potential top of a range into year-end. We think EUR/GBP ends the year somewhere closer to 0.8500."

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