The British pound surrenders extra ground and lifts EUR/GBP to new two-month tops just below 0.8700 the figure on Thursday. EUR/GBP up on BoE surprise
The BoE kept its policy rate unchanged at 5.25% on Thursday.The British pound surrenders extra ground and liftsThe cross gathers extra steam following the strong selling pressure around the sterling, all after thecaught markets off guard and kept its policy rate unchanged at 5.25% at its meeting vs. expectations for a 25 bps rate hike.
In addition, the decision to maintain the policy rate at 5.25% was supported by MPC members Bailey, Broadbent, Dhingra, Pill and Ramsden, while their colleagues Cunliffe, Haskel and Mann favoured a 25 bps rate hike.The cross is gaining 0.54% at 0.8682 and faces the next hurdle at 0.8700 seconded by 0.8709 and then 0.8875 . On the other hand, the breakdown of 0.8586 would expose 0.8523 and finally 0.8492 .
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