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EUR/GBP correction continues - KBC

FXStreet (Barcelona) - The KBC Research Desk note that on friday the sterling decline initially slowed, however, the late session USD long squeeze triggered EUR/GBP buying, pushing the pair to the 0.80 area.

Key Quotes

"Of late, the 0.7755/0.78 area proved to be tough support for EUR/GBP."

"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. We don’t row against the tide (yet). Even so, EUR/GBP returning to the 0.80 area might be a first level to re-evaluate recent developments."

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