EUR/GBP trims gains after British inflation data, BoE decision looms

The EUR/GBP is currently experiencing mild gains, trading at 0.8541 after peaking at a high of 0.8560.

Core and headline inflation figures were softer than expected for February. Monetary policy divergences between the BoE and ECB continue favoring the GBP. The BoE meets on Thursday, a hold is priced in and the first cut is seen in August. The first cut from the ECB was seen in June. Markets are digesting British inflation data from February and gearing up for the Bank of England’s decision on Thursday.

Investors see some chances of an additional cut in December as well. EUR/GBP technical analysis On the daily chart, the Relative Strength Index for the EUR/GBP pair resides in negative territory, suggesting a slight bearish momentum. Despite brief transitions into positive territory, the RSI has reverted to negative levels in recent sessions, revealing that sellers maintain dominance.

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