The Pound Sterling (GBP) sustained its excellent kind of 2023 in early 2024 following the benefit surprise for the UK Consumer Rate Index (CPI) in December. Economic experts at ING evaluate EUR/GBP outlook.
EUR/GBP might have a hard time to discover sustainable assistance above 0.8600 in the meantime
We anticipate some 100 bps of BoE cuts this year. Considering that we likewise consider ECB rate cut bets as too aggressive, we are bullish on EUR/GBP into year-end. We believe that the back up in EUR rates will be progressive and markets will be hesitant to let go of high-yielding GBP longs so close to the surprise December CPI print.
Appropriately, EUR/GBP might have a hard time to discover sustainable assistance above 0.8600 in the meantime. The 0.8640 is where 50, 100 and 200-Day Moving Averages assemble, and might be the next huge resistance.
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