The GBP to RUB exchange rate shows a bearish bias in the near term.
Key drivers include the divergence in monetary policy between the Bank of England, which may lower interest rates to curb inflation and stimulate growth, while the Bank of Russia is expected to reduce rates significantly, potentially stabilizing the ruble as inflation decreases. Additionally, the UK's anticipated slower economic growth may weigh on the pound, while the ruble could be affected by a projected slowdown in Russia’s GDP growth.
In the next few months, the GBP to RUB is likely to trade within a range reflecting recent volatility.
Upside risks could arise if oil prices strengthen further, supporting the ruble, while downside risks include any unexpected economic data from the UK that could prompt a more aggressive stance on interest rate cuts from the Bank of England. Overall, economic factors are expected to play a significant role in shaping the currency dynamics.