In view of analysts at ING, GBP has staged a timid rebound after dramatically falling on Tuesday.
“Brexit fears were partly mitigated by a move by British MPs aimed at averting a Parliament suspension, which may allow the future PM (in all probability Boris Johnson) to force a no-deal solution. Today, a scheduled debate in the House of Commons on the matter may provide more clarity. Add to this a possible rebound in June retail sales, and GBP may stay supported on the day. Nonetheless, we expect the 0.90 level in EUR/GBP to be a solid support for the pair. Looking ahead, we remain highly sceptical that any GBP rally will prove sustainable and expect pressure on GBP to keep mounting.”
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