EUR/GBP Price Forecast: Euro struggles below 0.8570 with all eyes on the BoE
The Euro (EUR) ticks lower against the British Pound (GBP) on Thursday, with investors awaiting the Bank of England’s (BoE) monetary policy decision, due later in the day.
The Euro (EUR) slipped below the 0.8570 mark against the British Pound (GBP) on Thursday, as market participants await the Bank of England's (BoE) monetary policy decision due later. The EUR/GBP pair opened the European trading session at just above 0.8560, following two days where the pair attempted a recovery from the 0.8550 level.
Following the BoE meeting, investors will be monitoring the number of hawkish votes to gauge potential rate hikes in the months ahead, as Governor Bailey will not speak after this meeting. Deutsche Bank strategists warn that the Bank of England's recent tactic of delaying early market tightening expectations may be losing effectiveness, and a "6-3 vote to hold, and largely unchanged forward guidance" could fail to prevent some sterling weakness.
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