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Forex: EUR/GBP retraces yesterday’s losses ahead of BoE minutes
FXstreet.com (Barcelona) - Fever ahead of the BoE March meeting minutes is weakening the British Pound against the EUR, with the EUR/GBP rising up to 0.8581 already, retracing yesterday’s losses.
“We think that we’ll see a 6-3 or possibly even 5-4 vote, with Governor King continuing to favor further QE”, wrote TD Securities analyst Alvin Pontoh, expecting falling jobless claims in the UK by another 10-15K in Feb (more than consensus).
“We continue to believe that EUR/GBP is forming a top. Resistance is seen between Monday’s 0.8590 high and Friday’s 0.8603 low”, wrote Commerzbank analyst Karen Jones, pointing to further resistance at 0.8683/84 (February 13 and March 1 highs) and more significant resistance at 0.8715, the February 1 high.
