EUR/GBP picks up pace and climbs to 3-week highs past 0.8600 – by pabspiovano EURGBP Currencies Crosses BOE
maintains the bid bias well and sound for the fourth session in a row on Thursday, extending at the same time the bounce off recent 2023 lows near 0.8520 .
The decision by the central bank to raise rates more than expected seems to have been justified by the sticky and elevated UK inflation figures, particularly following the unexpected uptick in June. According to the bank’s statement, second-round effects on domestic wages and prices likely to take longer to unwind than they did to emerge, while consumer prices are expected to fall significantly this year, mostly due to energy costs.The cross is gaining 0.25% at 0.8624 and faces the next hurdle at 0.8699 followed by 0.8747 and then 0.8875 . On the other hand, the breakdown of 0.8518 would expose 0.8386 and finally 0.8249 .
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