GBP/USD: Support around the 1.2275/2300 area may hold temporarily.

Economists at ING discuss EUR/GBP and GBP/USD outlooks.EUR/GBP can probably press support at 0.8650

“UK data is doing the most of the talking and it will probably be the jobs/wages data (13 June) or the May CPI data (21 June) which will be the key determinant on whether the market reins in aggressive tightening expectations.”

“Until then, EUR/GBP can probably press support at 0.8650, below which 0.8600/8610 is the next target. GBP/USD can better resist the stronger Dollar. Support around the 1.2275/2300 area may hold temporarily.”

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