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Jan 30 - 07:55 AM

EUR/GBP - May Find A Floor At 100DMA Ahead Of BoE Decision

By Justin McQueen  —  Jan 30 - 05:45 AM

• Though the euro is drifting lower ahead of the ECB decision

• Little surprises are expected with a 25bp cut a near done deal

• The bigger driver for FX will be U.S. trade policy updates

• While this remains a greater risk for euro over sterling

• Keeping EUR/GBP on the backfoot and drifting towards 100DMA (0.8344)

• Until universal tariffs are announced, 100DMA may limit drop

• With BoE due next week, risk/reward in chasing GBP upside is unfavourable

• Resistance = 0.8418 (200DMA), 0.8450-70 (cluster of Jan highs)
EURGBP daily chart


(Justin McQueen is a Reuters market analyst. The views expressed are his own.)

Source:
London Stock Exchange Group | Thomson Reuters

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