The EUR/GBP pair finds a temporary cushion near 0.8550 in Monday’s European session.
EUR/GBP finds an intermediate cushion near 0.8550, downside remains favored. The pace for unwinding the policy-tightening by the ECB is expected to be more aggressive than the BoE. Investors await the UK Inflation data for fresh guidance. The cross remains on the back foot as investors expect that the pace at which the European Central Bank will roll back its restrictive monetary policy stance will be more aggressive than the Bank of England .
The UK Office for National Statistics is expected to show that the annual headline declined to 2.1% from the prior reading of 3.2%. The core CPI that strips off volatile items is estimated to have softened to 3.7% from 4.2% in April. A sharp decline in the UK inflation data will boost prospects of rate cuts by the BoE, which traders expect that the central bank could start from the June or August meeting.
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EUR/GBP advances to 0.8630 as BoE Ramsden’s soft inflation outlook revamp rate cut hopesThe EUR/GBP pair rises to 0.8630 in Monday’s European session.
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EUR/GBP IG Client Sentiment: Our data shows traders are now net-short EUR/GBP for the first time since Apr 24, 2024 when EUR/GBP traded near 0.86.Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EUR/GBP-bullish contrarian trading bias.
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EUR/GBP Price Analysis: Finds support from two major Moving AveragesEUR/GBP has continued falling within a multi-month range that began in January 2024.
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EUR/GBP Price Analysis: Trading back inside medium-term rangeEUR/GBP has fallen back inside its multi-month range after temporarily breaking out to the upside on May 7.
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EUR/GBP Price Analysis: Falling back down inside its multi-month rangeEUR/GBP is falling back inside its multi-month range after temporarily breaking out to the upside on May 7.
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EUR/GBP remains capped below 0.8600 following UK employment dataThe EUR/GBP cross trades on a softer note near 0.8590 during the early European trading hours on Tuesday.
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