The EUR/GBP cross struggles to capitalize on the previous day's goodish rebound from the 0.8545 area, or a one-week low and meets with a fresh supply on Thursday.
EUR/GBP drifts lower on Thursday, albeit manages to hold above a one-week low. Bets for more aggressive policy easing by the BoE cap the GBP and lend support. Traders might also refrain from placing aggressive bets ahead of the ECB meeting. The EUR/GBP cross struggles to capitalize on the previous day's goodish rebound from the 0.8545 area, or a one-week low and meets with a fresh supply on Thursday.
Hence, the outlook, along with ECB President Christine Lagarde's comments at the post-meeting press conference, will play a key role in influencing the shared currency in the near term and provide some meaningful impetus to spot prices. Heading into the key central bank event risk, rising bets for at least four interest rate cuts this year by the Bank of England , starting in June, should cap the upside for the British Pound and limit losses for the EUR/GBP cross.
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