EUR/GBP just turned lower from a longer-term resistance zone ahead of the European Central Bank’s (ECB) monetary policy decision.
Will the pair return to its intraweek downtrend when the ECB’s decision and the U.K.’s latest GDP and manufacturing reports are released?
As you may see below, yesterday’s USD strength and a little bit of risk aversion over the escalating risks of an Iran attack led to EUR/GBP shooting higher in the course of the U.S. session. One possible reason is that GBP bears were more comfortable shorting the British pound than the euro which is exposed to an imminent central bank decision.
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