The EUR/GBP cross indicates resilience below the 0.8800 round-figure point, gaining a considerable section of its intraday losses. The cross rises to mid-0.8800s while the early European session was on and is placed a few pips under an almost two-week high reached this Wednesday.
The British pound diminished an intraday bounce after the Bank of England moderated speculations that it could cause the emergence of bond-buying Friday’s deadline to be extended. This was after the dismal UK GDP print and was a significant factor that assisted the EUR/GBP cross in attracting some dip-buying. The UK Office for National Statistics announced that the economy surprisingly contracted by 0.3% in August, strengthening the BoE’s prediction to experience a recession this year.
However, the intraday uptick lacks bullish conviction and warrants some caution before positioning for an extension of the EUR/GBP pair’s recent bounce from the monthly low. Investors are increasingly concerned about the economic headwinds due to the growing intensity of the Russia-Ukraine dispute. The increasing dispute and the underlying bullish solid sentiment about the USD is acting as a headwind for the shared currency and capping the upside for the EUR/GBP cross.
Furthermore, market participants expect Christine Lagarde’s scheduled speech, the European Central Bank President, which might influence the common currency. In addition, the action in the UK gilts market will grab short-term trading opportunities around the EUR/GBP cross.
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