EUR/GBP pivotal around 0.8500 as ECB awaits

As the markets prepare to meet the ECB rate cut in the next couple of hours, perhaps it is of no surprise to see the EUR/GBP camped near the bottom end of its 2024 range. The price action most recently has been flipping either side of 0.8500 and seemingly poised to potentially trade lower. The most recent range has been covered by a low at 0.8483 and a high at 0.8540. The range seen so far today has been much tighter than that, with 0.8498 and 0.8512 covering it. The real question right now; is an ECB rate cut priced in at 0.8500? Well, of course it could easily be, but going forward much will depend on what path the ECB lays out for monetary policy and whether or not the BOE matches any ECB moves after the UK election. The next BOE policy decision is due on June 20, but surely that is simply too close to the UK election to allow them to move without being accused of political motivation? Perhaps were it not for the UK election things might be different, but leaving all that aside the argument for a move closer to 0.80 is pretty solid right now, but getting there might be an entirely different matter. The EUR/GBP is currently trading at 0.8510