GBP/USD is likely to strengthen against the dollar over the rest of the year as the Fed is likely to cut rates more aggressively than the Bank of England, according to UBS Global Wealth Management. "Our latest view is that the Fed will cut rates by 100 basis points by the end of the year, while the Bank of England will cut rates by only 50 basis points over the same period, so fixed income flows will increasingly tilt towards higher GBP/USD," UBS analysts said in a note. They said GBP/USD could rise to 1.30 by the end of the year.