Economists at ING analyze EUR/GBP and GBP/USD outlooks.

Investors are unlikely to chase EUR/GBP through 0.8550 anytime soon

In EUR/GBP, 0.8550 has been the best level of the last year for Sterling (the pair bounced off 0.8565 last week) and we doubt investors want to chase Sterling through those levels anytime soon. 

The GBP/USD pair is consolidating in a 1.2350-1.2550 range and should stay there if we are correct with our EUR/USD call.

See: BoE's hesitant stance to pummel the Pound – Commerzbank