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EUR/GBP: 0.8640 might maybe be the following large resistance – ING

The Pound Sterling (GBP) sustained its unprejudiced appropriate invent of 2023 in early 2024 following the upside shock for the UK User Sign Index (CPI) in December. Economists at ING analyze EUR/GBP outlook.

EUR/GBP might maybe more than seemingly moreover strive against to salvage sustainable improve above 0.8600 for now

We inquire of some 100 bps of BoE cuts this one year. Since we moreover deem ECB charge lower bets as too aggressive, we are bullish on EUR/GBP into one year-pause. On the other hand, we deem that the again up in EUR charges will more than seemingly be unhurried and markets will more than seemingly be reluctant to let coast of high-yielding GBP longs so end to the shock December CPI print.

Accordingly, EUR/GBP might maybe more than seemingly moreover strive against to salvage sustainable improve above 0.8600 for now. The 0.8640 is the attach 50, 100 and 200-Day Spirited Averages converge, and ought to aloof be the following large resistance.

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