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EUR/GBP still hovering near 0.80 – KBC

FXStreet (Barcelona) - The KBC Bank Research Team notes that EUR/GBP is still near 0.80 level despite less dovish BoE Minutes.

Key Quotes

“Sterling gained ground against the euro and the dollar after the publication of the minutes. EUR/GBP returned temporary below 0.80. Cable touched the 1.57 big figure but is also off the highs. The correction is logic given the recent BoE talk and subsequent sterling selling. That said, we see yesterday’s reaction rather as a bit disappointing for sterling bulls.”

“As said, we considered yesterday’s GBP rebound after the BoE minutes a slightly disappointing. The resilience for EUR/GBP might be partly due to euro strength. This factor might still be in play today (EMU PMI’s).Even so, we are keen to see the sterling reaction in case of strong UK eco data. Has the EUR/GBP rally run its course?”

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