EUR/GBP fades bounce off 11-week low, flashed the previous day, by easing to 0.8542 during Thursday’s Asian session. In doing so, the currency pair remains sidelined as mixed plays combat ahead of the key bank of England (BOE) monetary policy meeting. Strong activity numbers from Europe failed to stop the quote from refreshing the multi-day low on Wednesday as UK PMIs remained firm too, per preliminary data for June. The downside momentum could also be linked to the pre-BOE preparations amid hopes of witnessing hawkish signals from the “Old Lady”.
That said, UK’s Delta Plus covid variant threat seems to escalate as cases jump 40% in a single day with 41 new infections, per The Independent. Even so, UK’s Vaccine Minister Nadhim Zahawi safeguards the government while saying, “The UK’s vaccination rollout has saved more than 14,000 lives, and prevented 44,500 hospital admissions in England alone, including 2,500 in the past two weeks,” per Sky News. Elsewhere, Sky News also mentioned that the MPs were told of the UK government’s confidence in agreeing on changes to the Northern Ireland Protocol with the European Union. However, Irish fishermen protest against the lower quota in the post-Brexit deal.
EUR/GBP Long (Buy)
Enter at: 0.85350