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EUR/GBP firmer near 0.7380 ahead of BoE

FXStreet (Edinburgh) - The upbeat momentum in the single currency keeps sustaining today’s upside in EUR/GBP to session tops in the 0.7380 region.

EUR/GBP focus on BoE, ECB

The upside mood in the cross came after European markets have opened in the red territory, propelling the demand for EUR and thus pushing the cross to higher ground.

However, both EUR and GBP will remain under the microscope later in the session, in light of the BoE MPC meeting and subsequent minutes followed by the ECB Accounts. According to prior surveys, markets expect a repetition of the last 8-1 vote favouring unchanged refi rate and asset purchase programme.

On the ECB side, the current QE programme will take centre stage following increasing concerns over the lack of reaction in EMU’s consumer prices.

EUR/GBP relevant levels

As of writing the cross is up 0.48% at 0.7371 and a breakout of 0.7442 (high Oct.2) would expose 0.7483 (high May 7) and finally 0.7500 (psychological handle). On the other hand, the immediate support aligns at 0.7266 (up trend from mid-Aug/55-d sma) followed by 0.7216 (200-d sma) and then 0.7196 (low Sep.22/100-d sma).

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