FXStreet (Edinburgh) – EUR/GBP is now hovering over the 0.7300 area following in response to some reaction in the shared currency and the sterling ahead of the European open.
EUR/GBP focus on UK’s ‘Super Thursday’
After staging a short-lived breakout of the 0.7300 barrier overnight, the lack of follow through prompted the European cross to keep the trade around the 0.7300 barrier while markets get ready for the ‘Super Thursday’.
The BoE will hold its monetary policy meeting today and it will release its minutes afterwards. Once again, market participants will look for further (if any at all) dissent amongst MPC members regarding the timing of the BoE’s lift-off. Furthermore, consensus expects the ‘Old Lady’ to keep rates and the asset purchase facility unchanged at 0.5% and £375 billion, respectively.
EUR/GBP key levels
At the moment the cross is up 0.12% at 0.7300 facing the next up barrier at 0.7346 (high Sep.7) followed by 0.7376 (high Sep.3) ahead of 0.7398 (high Sep.2). On the other hand, a breach of 0.7289 (low Sep.10) would aim for 0.7151 (low Aug.21) and finally 0.7091 (low Aug.20).
(Market News Provided by FXstreet)