EUR/GBP stalls a three-day-old uptrend in reaction to dovish remarks by ECB’s Stournaras. Delayed BoE rate cut bets underpin the GBP and further contribute to the intraday decline. Investors will keep a close eye on comments by other ECB officials for short-term impetus. Spot prices drop to the 0.8535 region, or the fresh daily low during the first half of the European session and remain well within the striking distance of the monthly trough touched earlier this week.
The bets were reaffirmed by the monthly UK GDP print on Wednesday, which showed that the economy returned to growth in January after entering a shallow recession in the second half of 2023. This, in turn, is seen as another factor that contributes to the heavily offered tone surrounding the EUR/GBP cross. Moving ahead, there isn't any relevant market-moving economic data due for release on Thursday, either from the Eurozone or the UK.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Euro Trade Setups Ahead of ECB Decision – EUR/USD, EUR/GBP and EUR/JPYNext week’s ECB meeting is unlikely to see any change in monetary policy but post-decision commentary may give traders a better view when the first rate cut is set to be announced
Source: DailyFX - 🏆 305. / 63 Read more »
Euro’s Outlook Hinges on ECB Guidance; Trade Setups on EUR/USD, EUR/GBP, EUR/JPYThis article discusses the upcoming ECB decision and its potential ramifications for the euro's outlook. In the piece, we also explore the technical profile for EUR/USD, EUR/GBP, and EUR/JPY, assessing price action dynamics and market sentiment.
Source: DailyFX - 🏆 305. / 63 Read more »
EUR/GBP Price Analysis: A downside break would be volatileEUR/GBP is bouncing once again off a long-term support floor at around 0.8500 and recovering.
Source: FXStreetNews - 🏆 14. / 72 Read more »
Respecting Multi-Month BoundariesThe multi-month EUR/GBP range remains intact and offers opportunities
Source: DailyFX - 🏆 305. / 63 Read more »
Euro Weekly Outlook: EUR/USD, EUR/GBP, EUR/JPY - Analysis and ForecastsThe ECB is looking increasingly likely to the be the first major central bank to start cutting interest rates, and this will affect the value of the single currency
Source: DailyFX - 🏆 305. / 63 Read more »
– EUR/USD Testing 200-SDMA Resistance, EUR/GBP Slipping Into SupportThe German economy remains weak and the single currency is starting to struggle against the US dollar and Sterling
Source: DailyFX - 🏆 305. / 63 Read more »