EUR/GBP pushes higher to 0.8640 post-BoE

EUR/GBP adds to gains near 0.8650 post-BoE.
BoE left rates unchanged at 0.75% at today’s meeting.
MPCs Saunders, Haskel voted for a 25 bps rate cut.

Pablo Piovano FXStreet

The now increasing selling bias around the Sterling is lifting EUR/GBP to fresh 2-day tops in the 0.8650 region.

EUR/GBP higher on BoE’s split decision

The quid accelerated its losses today after BoE’s Saunders and Haskel voted for a 25 bps rate cut at today’s event. The central bank left the key rate unchanged at 0.75% as well as the asset purchase facility at £435 billion and purchases of corporate bonds at £10 billion, matching the broad consensus.

Further out, the European cross keeps navigating the multi-week sideline theme just above the 0.8600 mark, always tracking the developments from the UK political arena as well as the run up to the general elections on December 12. In the meantime, there are no fresh news on the Brexit front, as headlines (and negotiations) appear to have reached an impasse, at least prior to the elections.

Later in the day, Governor Mark Carney will hold the usual press conference following the BoE’s interest rate decision.

EUR/GBP key levels

The cross is gaining 0.38% at 0.8639 and faces the next up barrier at 0.8676 (high Oct.24) followed by 0.8808 (200-day SMA) and finally 0.8906 (50% Fibo of the May-August rally). On the flip side, a break below 0.8574 (monthly low Oct.17) would expose 0.8488 (monthly low May 6) and then 0.8474 (2019 low Mar.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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