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EUR/GBP retreats from 1-month high after BoE minutes

FXStreet (Córdoba) - EUR/GBP pulled back from fresh 1-month high after the release of BoE meeting minutes, which showed the MPC remained split over the need for an immediate rise in interest rates, with 2 member voting to hike rates.

Overall, minutes were less dovish than expected, giving pound some support. The BoE said there was a risk that any remaining slack might soon be exhausted, causing inflationary pressures to build.

EUR/GBP retreated to a fresh daily low of 0.8005 from a 1-month high of 0.8037 pre-minutes. At time of writing, the pair is trading at 0.8007, a few pips below its opening price.

EUR/GBP levels to watch

As for technical levels, 0.8002 (Nov 14 high) and 0.7954 (Nov 18 & 17 lows) are EUR/GBP support levels, while 0.8037 (Nov 19 high) and 0.8053 (200-day SMA) are immediate resistances.

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