EUR/USD cycled within familiar levels on Thursday as the pair’s respective central banks compete to reaffirm markets that progress is being made on inflation, and the path towards rate cuts is coming, but not quite yet.
EUR/GBP jostled after BoE rate cote steps towards cuts. Officials from both central banks insist progress is being made. Friday to wrap up the trading week with UK GDP. The Bank of England took one step closer to delivering rate cuts with a 7-to-2 vote on holding rates steady, while talking points from multiple European Central Bank officials reiterated the message that inflation will eventually return to ECB target levels.
Friday brings a fresh print of UK Gross Domestic Product , which is expected to return to growth after the previous month’s contraction. Q1 UK GDP is forecast to print at 0.4% QoQ, compared to the previous quarter’s -0.3%. EUR/GBP technical outlook EUR/GBP remains hung up on intraday technical congestion near 0.8600 as 0.8620 threatens to solidify into technical resistance. The pair has been drifting higher, bolstered by the rising 200-hour Exponential Moving Average at 0.8582.
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