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04.11.2021

EUR/GBP: Move higher to be short-lived; still set to move lower in 3-12M - Danske Bank

FXStreet reports that analysts at Danske Bank see upside risks for the EUR/GBP pair in the short-term following today's BoE decision to keep monetary policy unchanged but they still expect it to move lower later. : 

“As expected, the EUR/GBP moved higher on announcement now trading at 0.856 vs. 0.847 before the announcement. We are still of the view that the move higher in EUR/GBP will be short-lived but near-term there are upside risks given the current market pricing of Bank of England.”

“We still believe the environment is more supportive for GBP than EUR, as GBP usually strengthens in an environment where USD does. That said, the potential for a stronger GBP is lower than for USD. We still target EUR/GBP in 0.83 12M.”

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