ECB decision in the spotlight today- EUR/GBP in focus

Of course the EUR/USD is very much in the spotlight later today, but as we just said in the previous update on the GBP/USD, we are going to immediately focus on the EUR/GBP. We have been highlighting this one over the past week and more anyway, as the Euro pushes closer to a key level, at 0.8333. ( equal to 1.20 GBP/EUR). 

Whilst that level has not yet been put to the test, it is still on the radar. That is especially the case with the ECB policy decision looming at 1.15pm GMT. There is going to be plenty to say about that over the course of the morning and that will obviously involve the EUR/USD too. 

Of course if the ECB raises interest rates today that 0.8333 level could be a level that does not get tested and the price lifts further away on the topside. That said, pretty much none of the experts expect the the ECB to hike later on. If they do that will be an entirely different matter, as indeed it will be for the EUR/USD. The low seen on the EUR/GBP over the past week has been set at 0.8360 and the high over the same period has been set at 0.8402. The US close last night was set at 0.8369. It is right now at 0.8365