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EUR/GBP could be in play later today
As the GBP/USD continues to edge lower this morning, the EUR/GBP is pretty much mid range and that is because the EUR/USD is now lower too. The GBP/USD has traded below 1.2460 a short while ago. The focus is likely to remain mostly on that pair, given the potential for sharp moves when the BOE announce their policy decision. However, let us not forget that the EUR/GBP is also in play today. The price action has been pushing lower in recent days. The extremes of the range over the past couple of months have been at 0.8222 and 0.8472. If we take the mid-point of that range we arrive at a level around 0.8350. Well, as you can see it is below that level this morning. It is probably safe to say that a 0.25% BOE rate cut might not endanger the topside too much, but anything greater than that and it could. The EUR/GBP closed in the US last night at 0.8318. The range seen so far today has been covered by 0.8315 to 0.8330 and that range will not persist by the close tonight. The EUR/GBP is right now at 0.8321
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