EUR/GBP loses momentum post-BoE, around 0.8730

EUR/GBP struggles for direction in the 0.8730 region.
The BoE left rates unchanged at 0.10% at its meeting.
German Industrial Production contracted 9.2% MoM in March.

Pablo Piovano FXStreet

The now better mood around the sterling is dragging EUR/GBP to the negative territory in the 0.8730 region on Thursday.

EUR/GBP weaker on BoE

EUR/GBP remains well within the broader consolidative range on Thursday after the Bank of England (BoE) refrained from acting on rates at its meeting, matching the previous estimates.

In addition, BoE’s A.Bailey noted the economy is expected to recover faster than following the GFC, while the effects on the demand are seen lingering for around a year once the lockdown is lifted.

The central bank also expects the economy to contract by around 14% this year, reiterating at the same time its readiness to act in case of need.

Data wise in the Old Continent, the German Industrial Production contracted more than 9% from a month earlier in March, showing once again the negative impact of the coronavirus on the economy.

EUR/GBP key levels

The cross is losing 0.01% at 0.8738 and a drop below 0.8670 (monthly low Apr.30) would expose 0.8650 (100-day SMA) and then 0.8595 (monthly high Jan.14). On the other hand, the next up barrier is located at 0.8863 (high Apr.21) seconded by 0.9019 (monthly high Oct.20 2019) and then 0.9324 (2019 high Aug.12).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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