IG markets say

The GBPUSD may fall further as funds fret over the UK's divorce from the EU, according to IG markets.

They say:

  • "PM Johnson putting together a brigade of Brexiteets to take a hard line with Europeans are seeing markets react negatively to sterling"
  • "The rates futures curves in the UK shows an increased chance the Bank of England will cut rates next year as markets price a hard Brexit shot to the economy, and that's also weighing on the currency"
  • "Breaching the 122 level where there was reasonable support is significant -- we are open now to the downside", with 1.1800 as a target over the next several months