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However, at this point, it lacks follow-through buying, despite a fundamental backdrop that suggests the path of least resistance for spot prices lies to the upside. The weak performance of the British pound is linked to disappointing UK employment data, which has strengthened expectations for two interest rate cuts by the Bank of England this year. These expectations contrast with signals from the European Central Bank, which recently hinted that it is nearing the end of its rate-cutting cycle. The divergence in monetary policy between the two central banks creates favorable conditions for EUR/GBP to rise.
From a technical standpoint, yesterday's breakout above the short-term trading range confirms a near-term bullish outlook and the potential for further gains in the pair. Nonetheless, market participants are showing caution and are not rushing to open new long positions, as they await the U.S. consumer inflation report due later today during the North American session. These data may provide fresh momentum, potentially acting as a new driver for bulls in the EUR/GBP pair — especially since the Relative Strength Index (RSI) has already entered positive territory, helping prices push further north.
In the absence of significant macroeconomic releases from the Eurozone or the UK, a constructive sentiment persists, continuing to support a positive market outlook. In the event of a price correction, it may be viewed as a buying opportunity, with expectations that such pullbacks will remain moderate.
The current setup points to the potential for further growth in the EUR/GBP pair, driven by monetary policy expectations and supportive technical signals.
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