Royal Bank of Scotland - "While we believe that GBP fundamentals have deteriorated further, and this will keep the pressure on GBP/USD, we do expect a kicker from a stronger USD tone from concerns over Italy. This may mean that EUR/GBP falls at the same time as GBP/USD falls. The USD part has led us to lower our assumed profile for GBP/USD. We now see GBP/USD moving into a 1.45-1.55 range, with risks skewed to the downside."