The EUR/GBP cross attracts some dip-buying near the 0.8765 regions and builds on the overnight bounce from a nearly one-month low. The intraday uptick lifts spot prices to a two-day high during the early European session, though bulls struggle to capitalize on the move beyond the 0.8800 round-figure mark.
A modest US Dollar strength is a crucial factor behind the shared currency’s relative underperformance amid some repositioning trade ahead of Thursday’s critical European Central Bank (ECB) meeting. Apart from this, speculations that the Bank of England (BoE) will hike interest rates by 25 bps underpin the British Pound and act as a tailwind for the EUR/GBP cross.
The ECB, meanwhile, is also expected to deliver another rate hike on Thursday and could surprise with an outsized 50 bps lift-off. The latest Eurozone consumer inflation figures lifted the bets, showing that the Harmonized Index of Consumer Prices (HICP) increased to 7% YoY in April from 6.9% in the previous month. The Core HICP, however, ticked down to 5.6%.
The aforementioned fundamental backdrop makes it prudent to wait for solid follow-through buying before confirming that the EUR/GBP cross has formed a near-term bottom and positioning for any further appreciating move. Traders might also prefer to wait on the sidelines heading into the critical central bank event risk – the highly-anticipated ECB monetary policy meeting on Thursday.
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