EUR/GBP Falls Further Amidst BoE Rate Cut Expectations
The EUR/GBP pair has extended its losing streak, with the Euro weakening against the Pound Sterling. The Bank of England's (BoE) cautious stance on interest rate cuts, coupled with a stronger-than-expected UK economic outlook, has supported the Pound.
The Euro has faced pressure from expectations of further ECB interest rate cuts, despite the recent easing in inflationary pressures. The Eurozone's economic outlook remains uncertain, and the ECB is likely to take a gradual approach to monetary policy.
EUR/GBP Technical Outlook
The EUR/GBP pair has broken below a key support level, indicating a potential for further declines. The pair is currently trading near the 0.8440 level, with the 0.8400 level acting as a potential support.