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EUR/GBP slips to session lows as BOE decision awaits

In around 30 minutes the Bank of England will announce the outcome of their monetary policy decision. That falls due at 11am GMT and once that is out of the way the BOE Governor, Andrew Bailey ands two of his colleagues will address the press with a debrief and a Q+A session. That is scheduled for 11.30am GMT. Ahead of this the Pound has been making some modest headway versus the dollar and the Euro. The GBP/USD is edging back towards 1.25 again and that is pushing the EUR/GBP down to session lows a moment ago. The reason for this would appear to rest with a covering of GBP short positions ahead of the policy decision. Of course if the BOE do as expected and leave rates on hold and offer not such a dovish outlook as some suggest, then the pound might rise and that might explain why it is just now paring the earlier downside moves. The EUR/GBP is currently trading at 0.8591 which is its lowest level of the day so far 
 

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