Following the Bank of England meeting, the Pound gained momentum.
The Bank of England kept rates unchanged as expected. The Pound rose modestly across the board, reaching fresh daily highs against the US Dollar and trimmed losses against the Euro. EUR/GBP encounters resistance at 0.8730, while key support levels are located at 0.8700 and 0.8680. The EUR/GBP pair trimmed its daily losses and moved lower towards the 0.8700 level. Pound rises after BoE As expected, the Bank of England decided to keep its bank rate unchanged at 5.25%.
However, the cross still remains in positive territory for the day and above the 0.8700 level. Levels to watch The EUR/GBP has an immediate support area around 0.8700, and if this level is broken, it would expose the next support zone at 0.8680. This level is crucial as it has acted as a significant barrier to further downside movement over the past two weeks. A sustained move below 0.8680 would strengthen the outlook for the Pound.
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