The EUR/GBP cross attracts some buyers on Wednesday and jumps to a fresh daily peak, around the 0.8555-0.8560 region after the release of the UK consumer inflation figures.
EUR/GBP gains some positive traction on Wednesday, albeit lacks follow-through. The immediate market reaction to the softer UK inflation figures fade rather quickly. Traders keenly await the BoE meeting on Thursday before placing directional bets. Spot prices, however, lack follow-through and remain confined in a familiar trading band held since the beginning of the current month. The UK Office for National Statistics reported that the headline CPI rose 0.6% in February vs. a 0.
The shared currency, on the other hand, remains depressed in the wake of expectations that the European Central Bank may start cutting interest rates in June. This further contributes to capping gains for the EUR/GBP cross. Moreover, traders seem reluctant to place aggressive directional bets and prefer to wait on the sidelines ahead of the BoE policy meeting on Thursday.
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