Jakob Christensen, Chief Analyst at Danske Bank, noted the relevance of the BoE meeting and the EU Summit to the near term price action around the Sterling.
“Also in the majors, there are a few GBP-related events with notably the two-day EU summit starting with one aim being that of formalising the transition deal. In our view, an agreement would be GBP positive, but a sustained move lower in EUR/GBP depends on the final withdrawal text”.
“We expect comments at the summit to steer some GBP volatility but the BoE meeting is in itself unlikely to provide much news without updated projections or a press conference to set a direction”.
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