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In view of both economic and political risks in the UK, economists at Rabobank expect GBP to push lower.

Key quotes

“We see GBP as remaining vulnerable based on our expectation that there will be an extension to the QE programme at next month’s MPC meeting coupled with the fact that Brexit risks remain and due to the fact that the UK government has come under a hail of criticism for its handling of the coronavirus crisis.”

“We see scope for a dip towards GBP/USD 1.19 on a 3-month view.”