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More sterling losses after the BoE inflation report – KBC

FXStreet (Barcelona) - The KBC Market Research Desk notes sterling extending its decline yesterday after the release of the BoE Inflation report and see a limited upside correction for the EUR/GBP.

Key Quotes

“This morning, sterling remains in the defensive. EUR/GBP tries to move north of 0.7950. Cable is also hit by broad-based USD strength. The pair is trading in the 1.5670 area at the momentum of writing.”

“Of late, the 0.7755/0.78 area proved to be tough support for EUR/GBP. Earlier this week, the short-term sterling negative sentiment was reinforced by a softer than expected BoE inflation report."

"We continue to look out for signs of the EUR/GBP rebound losing momentum. For now, such a signal is not yet available. More consolidation or even a limited upside correction might be on the cards.”

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