EURGBP: The recent 0.86-0.89 range will continue to define the path in the near-term – Barclays

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Economists at Barclays Research expect the EURGBP to continue moving within a 0.86-0.89 range as the Bank of England misses to offer support to the Pound.

“GBP received little support from the BoE last week which yet again pushed against what they see as excessive market pricing. Accordingly, the recent 0.86-0.89 range will likely continue to define the sterling path versus the EUR in the near-term.”

“We expect Q3 GDP to print at -0.5% QoQ, echoing the Bank’s forecast. This week, however, we expect GBP to be more driven by the broad Dollar, with focus on US CPI. While near-term China reopening signals will bring a pause in the broad Dollar, the gloomy outlook and the monetary divergence still caps sterling from a long-term perspective.”.

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