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Short GBP/USD, target 1.40 – ING

FXStreet (Mumbai) - The ING financial markets research team believes the GBP/USD is heading towards 1.4 levels in 2016 on the back of brexit fears and pricing of the true economic costs of such an event.

Key Quotes

“GBP’s downside protection from the positive Fed spillover effect (in the form of higher short-term UK rates) will dissipate, while a risk-off market environment stemming from a steeper Fed lift-off will weigh on GBP more meaningfully given its Achilles’ heel of a large current account deficit.”

“GBP’s outperformance on the crosses should continue in the early part of 2016 as the hawkish BoE re-pricing offers the potential for one last hurrah before markets turn their attention to the looming Brexit risks.”

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