During June, the pound weakened notably against the US dollar from 1.2613 to 1.2155. As we enter the second half of the year, some analysts have updated their British pound forecasts. Here you can find the expectations of seven major banks regarding GBP’s outlook for the coming months.

WELLS FARGO

“The mix of measured monetary tightening and rapid inflation, combined with a UK economic downturn, provides an underwhelming backdrop for the UK currency. We have revised our forecast for the pound lower, and now see a trough in the GBP/USD exchange rate around 1.17 in mid-2023.”