The BoE central bank has decided to cut rates by 25 basis points, aligning with a dovish outlook similar to the ECB. The key question now is which bank will be the first to stop cutting rates. Overall, I believe Europe could perform much better against the Pound in the coming months, especially with EURGBP trading near the lower side of a multi-year support area around 0.83.
Based on cycle analysis and key price levels, I wouldn’t be surprised to see a reversal to the upside in the next few months, particularly if the price breaks out of the current downward channel.
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