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EUR/GBP consolidates around 0.7850

FXStreet (Córdoba) - The euro rose sharply against the pound on Thursday, having the best day in a month. EUR/GBP started to rise ahead of the ECB decision and moved with an upside bias during the rest of the day.

During New York EUR/GBP peaked at 0.7857, the highest price since September 23 and then pulled back slightly, to finish the session hovering around 0.7850.

A short term bottom?

The pair rose for the second day in a row and continues to recover after hitting 2-year lows, on Wednesday at 0.7762.

The recent rally brought the price back above the level it had at the beginning of the week and now EUR/GBP is headed toward the first weekly gain, after falling in the previous three.

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