EUR/GBP retreats from multi-week highs on latest Brexit headlines, trades near 0.8670
|- Labour's Corbyn believes that could get a majority for a Brexit deal.
- Austria's Kurz voices support for Article 50 extension.
- Bank of England leaves policy unchanged as expected.
With the British pound struggling to find demand on Thursday amid the ongoing Brexit uncertainty, the EUR/GBP pair rose to its highest level since February 25 at 0.8690. However, with the latest Brexit headlines providing a modest boost to the GBP, the pair eased from its highs and was last seen trading at 0.8675, adding 0.3% on a daily basis.
Commenting on the UK's request for an extension to Article 50, Austria's Chancellor Kurz told reporters that an extension to Brexit was better than a no-deal scenario and added that he did not want the UK to take part in the EU elections. On the other hand, the opposition Labour Party's leader Jeremy Corbyn said that he was confident that they could get a majority for a Brexit deal and added that he had constructive talks with the EU.
In the meantime, markets largely ignored the Bank of England's announcements monetary policy announcements. As expected, the BoE left its policy rate unchanged at 0.75% with a unanimous vote and repeated that the policy action to Brexit outcome could be in either direction.
Technical levels
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