As the European Central Bank (ECB) and Bank of England (BoE) interest rate decisions come into focus, we will be keeping a close eye on the EURGBP over the next 24-hours of trading, and a shift in the fundamental outlook could trigger a key reversal in the exchange rate as we anticipate President Mario Draghi to sound more dovish this time around. As the relative strength index threatens the upward trend from earlier this month, hints of further rate cuts from the ECB may produce a sharp decline in the oscillator, and the bearish sentiment surrounding the EURGBP may gather pace over the coming months should the Governing Council continue to embark on its easing cycle in 2013.
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