GBP/USD: Below the 1.2340/50 area the downside could open up to the 1.2200 level – ING

Economists at ING discuss EUR/GBP and GBP/USD outlook.

EUR/GBP bias is probably now for a retest of the 0.8650 area

“The EUR/GBP bias is probably now for a retest of the 0.8650 area, and we'll definitely have to see some softer wage/price data over the coming weeks for the Bank of England to be diverted from what looks like another 25 bps hike on June 22nd.”

“For GBP/USD, the 1.2340/50 area seems decent support below which the downside could open up to the 1.2200 area.”