EUR/GBP: Risk-off limits scope for Pound gains – ING

ING’s Francesco Pesole notes that EUR/GBP is trading modestly above his team’s short‑term fair value estimate. ING’s Francesco Pesole notes that EUR/GBP is trading modestly above his team’s short‑term fair value estimate. ING’s Francesco Pesole notes that EUR/GBP is trading modestly above his team’s short‑term fair value estimate. ING’s Francesco Pesole notes that EUR/GBP is trading modestly above… ING’s Francesco Pesole notes that EUR/GBP is trading modestly above his team’s short‑term fair value estimate. ING’s Francesco Pesole notes that EUR/GBP is trading modestly above his team’s short‑term fair value estimate. While Bank of England communication and UK data, including PMIs and inflation, could move rate expectations, he argues that unstable global risk sentiment is likely to cap significant downside in EUR/GBP, limiting the potential for sustained Pound outperformance.Risk sentiment caps EUR/GBP downside"Today, we’ll hear from a dove (Piero Cipollone) as well as Chief Economist… For traders, the practical value is less about the headline alone and more about how it changes context, sentiment and the quality of the next decision. Watch follow-through, not just the first reaction: liquidity, volatility and confirmation across related assets usually tell the real story.