GBP: Supported N-Term But Further Upside Likely Limited; Where To Target? – ANZ

ANZ FX Strategy Research notes that GBP continues to show signs of stabilizing against the backdrop of an improvement in the UK current account deficit.  

“The sharp spike in inflation (2.9% y/y) has raised the debate over whether or not interest rates may need to rise.

Sterling may benefit from some near term weakness in the USD, but we view the upside as limited,” ANZ argues.

ANZ targets GBP/USD at 1.32 in Q3 before resuming weakness towards 1.127 by year-end.

Source: ANZ, eFXnews™

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