The EUR/GBP cross extends the rally to around 0.8305 during the early European session on Monday.
EUR/GBP holds positive ground to near 0.8305 in Monday’s early European session. Traders interpreted the BoE's decision as a dovish hold, undermining the GBP. ECB’s Lagarde said the Eurozone was getting very close to reaching the medium-term inflation target. The dovish bets for the Bank of England weigh on the Pound Sterling and create a tailwind for EUR/GBP. Traders price in a 53 basis points interest rate reduction by the UK central bank in 2025 after the policy announcement.
Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders , and EUR/GBP . The Pound Sterling is issued by the Bank of England . How do the decisions of the Bank of England impact on the Pound Sterling? The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England.
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