The EUR/GBP is falling back towards the 0.8700 handle after scrambling up the charts in the runup to Thursday's Bank of England (BoE) rate call, which saw rates on hold, but hawkishly so.
The EUR/GBP is getting yanked back towards 0.8700 as Thursday's gains get rebuffed. The Euro clipped into a high of 0.8736 before getting knocked back down. BoE left rates unchanged, but hawkish lean sends the Pound Sterling back up. The Pound Sterling saw a late break and recovery following the UK central bank, cutting away some of the day's gains for the Euro . Bailey Speech: BoE Governor speaks on policy outlook after holding interest rate steady at 5.
Despite the GBP's late rebound, the pair remains fairly well-bid for the day, up 0.3% from Thursday's opening bids near 0.8690. Daily candlesticks continue to clatter along the 0.8700 key handle, with the 200-day SMA near the level keeping prices strung along the midrange. The pair is sticking close to the top side of six-year highs after lifting from the year's low bids near 0.
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EUR/GBP IG Client Sentiment: Our data shows traders are now net-long EUR/GBP for the first time since Oct 18, 2023 when EUR/GBP traded near 0.87.Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EUR/GBP-bearish contrarian trading bias.
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