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EUR/GBP hovering over 0.7900 post-minutes

FXStreet (Edinburgh) - EUR/GBP remains in the upper band of the intraday range on Wednesday following the release of the BoE minutes.

EUR/GBP trimming losses

The cross is recovering part of the ground lost on Tuesday after ECB rumours were hovering over the markets, managing to retake the key barrier at 0.7900 and beyond. BoE minutes showed a repetition of the 7-2 voting pattern favouring leaving the current monetary policy unchanged. According to the central bank, the UK economy would be losing some momentum, pointing to the softer conditions in the euro area as an increasing risk for the domestic economy. Morten Helt, Senior Analyst at Danske Bank, suggested, “We expect the EUR/GBP downside to unfold on a three-six month horizon supported by a repricing of the UK money market and we target EUR/GBP at 0.78 in 3M and 0.76 in 6M (from 0.77)”.

EUR/GBP relevant levels

At the moment the cross is advancing 0.32% at 0.7919 with the next hurdle at 0.7922 (10-d MA) followed by 0.7942 (high Oct.21) and then 0.7946 (100-d MA). On the downside, a break below 0.7878 (low Oct.21) would open the door to 0.7874 (61.8% of 0.7767-0.8046) and then 0.7851 (low Oct.10).

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