Citi bearish cable, targets as low as 1.05 (key support 1.1410 for now)

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Citi discusses GBP outlook and turns more bearish in the near-term.

• “CitiFX Strategy team stepped up their bearish GBP calls this week, citing the deteriorating growth outlook, likely stickier inflation, and the BoE hiking into recession,” Citi notes.
• “CitiFX Strategist calls for higher risk premia related to her pre-election promises around fiscal funding, Article 16 and the BoE, and anticipates GBPUSD falling to 1.05-1.10. In the meantime, we keep an eye on the March 2020 low of -1.1410 as next key support,” Citi adds.