GBP/USD: Renewed downside pressure ahead of the pound – Wells Fargo – by MSalordFX GBPUSD Currencies Banks
rate hikes contrasts with the more aggressive path of tightening expected by the Federal Reserve. It also falls well short of rate hikes currently priced into markets, which anticipate a peak in the Bank of England's policy rate near 4.50% around the middle of 2023. As the Bank of England lags the Fed and falls short of market expectations, we expect the GBP/USD exchange rate to come under renewed pressure, falling to $1.1200 or below by late 2022/early 2023.
“As the U.S. economy also falls into recession and the Fed reaches the end of its tightening cycle we expect some rebound in the pound, though with the U.K. facing its own economic challenges that rebound should be modest, WeInformation on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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