EUR/GBP rose unusually on Friday as risks of a broader conflict between Israel and Iran eased. In addition, it is seen that inflation will decrease sharply to the target level in the coming months, sending a dovish signal to the market.
The bank needs to remain restrained in its policy stance. However, he echoed Ramsden's comments by saying that the committee is seeing signs of a downward shift in the persistent component of inflation dynamics.
EUR/GBP appears to have found resistance around 0.8625 and has traded lower after the PMI data, even heading lower than the 200 SMA. A return to former channel resistance is potentially on the cards at 0.8578. Prices settled into the trading range as central bankers mulled incoming data and the prospect of a first rate cut appeared a fair distance away.
Longer-term, the ECB is on track to cut rates in June, meaning sterling will extend its interest rate superiority and is likely to see the pair test familiar levels of support.
The bank needs to remain restrained in its policy stance. However, he echoed Ramsden's comments by saying that the committee is seeing signs of a downward shift in the persistent component of inflation dynamics.
EUR/GBP appears to have found resistance around 0.8625 and has traded lower after the PMI data, even heading lower than the 200 SMA. A return to former channel resistance is potentially on the cards at 0.8578. Prices settled into the trading range as central bankers mulled incoming data and the prospect of a first rate cut appeared a fair distance away.
Longer-term, the ECB is on track to cut rates in June, meaning sterling will extend its interest rate superiority and is likely to see the pair test familiar levels of support.
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