EUR/GBP Trades Near 0.8550 Ahead of BoE Meeting
The EUR/GBP pair is moving around 0.8550 as traders remain careful before the Bank of England’s interest rate decision.
British Pound Finds Support
The pound has stayed strong for the past four days. Many traders believe the Bank of England will keep interest rates the same, which is helping support the pound.
Euro Under Pressure
The euro is slightly weaker as the European Central Bank is expected to cut interest rates soon. Market expectations for a rate cut in the near future are high.
UK Gains From Positive Outlook
The UK currency is also getting support from positive economic data and signs of progress in trade talks between the UK and the U.S. These factors are giving the pound an edge for now.
Focus on Economic Data
Traders are also waiting for PMI data from both the UK and the Eurozone. These reports will show how well the economies are doing and could influence the next price move.
Impact:
If the Bank of England keeps rates steady, EUR/GBP might stay near 0.8550. Any surprise decision could possibly push the pair up or down.