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What is the outlook for GBP/USD from Q2 towards year-end?

Here is their view, courtesy of eFXdata:

Barclays Research  adopts a core bullish bias on sterling and runs a flat profile for GBP/USD at 1.40 from Q2 towards year-end.

We expect sterling to remain strong, marginally outperforming USD and appreciating against EUR over the forecast horizon. A robust economic recovery, spurred by the rapid vaccination effort and fueled by generous fiscal stimulus should support GBP,” Barclays notes.

We also think the BoE will remain on hold throughout 2021,  maintaining its accommodative stance, but the BoE is not likely to be concerned by a strengthening GBP, in our view, as it will likely reflect solid economic growth,” Barclays adds.

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