The EURGBP currency pair, currently at 0.86734, continues to increase in value following gains made on Thursday and is nearing the 0.8700 level.
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- EUR/GBP adds to Thursday’s gains and approaches 0.8700.
The British pound surrenders extra ground and lifts EUR/GBP to new two-month tops just below 0.8700 the figure on Thursday.
The cross gathers extra steam following the strong selling pressure around the sterling, all after the BoE caught markets off guard and kept its policy rate unchanged at 5.25% at its meeting vs. expectations for a 25 bps rate hike.
From the bank’s statement, further tightening might be required in case inflation persists. Additionally, the bank revises lower its GDP forecast and sees the economy expanding 0.1% in Q3 (from 0.4%).
In addition, the decision to maintain the policy rate at 5.25% was supported by MPC members Bailey, Broadbent, Dhingra, Pill and Ramsden, while their colleagues Cunliffe, Haskel and Mann favoured a 25 bps rate hike.
The cross is gaining 0.54% at 0.8682 and faces the next hurdle at 0.8700 (monthly high July 19) seconded by 0.8709 (200-day SMA) and then 0.8875 (monthly high April 25). On the other hand, the breakdown of 0.8586 (55-day SMA) would expose 0.8523 (monthly low September 5) and finally 0.8492 (2023 low August 23).
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