EUR/GBP very much in the spotlight today

As the markets countdown to the eagerly awaited ECB monetary policy decision, due out at 1.15pm GMT, the EUR/USD is not alone in terms of immediate focus. The EUR/GBP is very much on the radar too. That is especially the case, if by chance the ECB was to lower rates by more than 0.25% later. Yesterday the EUR/GBP fell to set a new 2024 low, at 0.8225. It later posted its lowest close of the year too, at 0.8232. The price action so far today has not broken any immediate ground in either direction. The range seen thus far has been covered by 0.8227 to 0.8241. The prospect of further downside today very much depends on what emerges from the ECB. As noted here yesterday, the next technical level of note is the March 2022 low, at 0.8203. Looking at the much longer term prognosis, only a rebound and a monthly close above 0.8468 would tend to suggest the downside trend has been reversed. Looking at the same longer term chart, the next level of really major importance beyond 0.8203 is in place this month, at 0.8112. So, if the ECB is aggressive today and the BOE passes next week, that could be a level that really comes on the radar. Meantime, the EUR/GBP is currently trading at 0.8238