Forex Analysis by Investing.com (Damian Nowiszewski) covering: GBP/USD, EUR/GBP, US Dollar Index Futures. Read Investing.com (Damian Nowiszewski)'s latest article on Investing.com
EUR/GBP is at a critical support level, and the ECB's decision could trigger a rebound.While the market has already priced in a 25 basis point cut, the key details will lie in the accompanyingcurrency pair becomes interesting. With the UK focused on the upcoming July elections, its central bank is unlikely to take any major actions.
If this support breaks and the uptrend line is breached simultaneously, sellers may target 1.2630 for support.However, rising inflation could complicate the ECB's plans and force a reassessment of its strategy.As a result, market expectations of further cuts have melted to just one more, which may limit any further depreciation of the euro.
If the euro can hold above 0.85, the next target for buyers becomes the resistance zone near 0.86 euros per pound.
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