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EUR/GBP to see a marginal dip – Rabobank

FXStreet reports that Jane Foley, Senior FX Strategist at Rabobank, expects the pound to continue appreciating but at a slower pace.

“While we are forecasting further gains for the pound in the months ahead, we do expect the pace of this to be slower than seen at the start of the year. Not only is there a lot of good news priced into the pound but there is likely to be some degree of ‘catch-up’ in the vaccine rollout in the EU.” 

"Today the European Internal Market Commissioner Breton has stated that at least 12 of the 27 countries in the bloc are confident that they will be able to vaccinate 70% of their adult population by mid-July. Although such good news is likely to be EUR supportive, we do not expect the EUR to react in the same bullish way as GBP did at the start of the year as the UK’s vaccine roll-out accelerated.” 

“We are forecasting EUR/GBP at 0.85 on a 3-month view.” 

“We are assuming the USD can recover some ground into the summer and thus look for cable to trade mostly in a GBP/USD 1.38-1.40 range in the coming months.” 

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