EUR/GBP tumbles to 0.8250 post-BoE

GBP has gathered extra buying pressure following the BoE meeting, sending EUR/GBP to the mid-0.8200s, fresh lows.

EUR/GBP looks to retake 0.8300

EUR/GBP has quickly regained the 0.8300 handle although it maintains the bearish momentum after the Bank of England left unchanged its benchmark rate and the asset purchase facility at 0.50% and £375 billion, respectively at its meeting today.

Minutes from the meeting showed most members expect the central bank to loosen its monetary conditions in August, while MPC members voted 8-1 favouring current conditions today. According to the minutes, MPC members have also assessed combinations of stimulus measures.

EUR/GBP key levels

The cross is now losing 1.24% at 0.8340 and a breakdown of 0.8258 (session low Jul.14) would aim for 0.8229 (20-day sma) and then 0.8111 (50% Fibo of 0.7595-0.8627). On the flip side, the initial hurdle is located at 0.8627 (2016 high Jul.6) ahead of 0.8651 (high Aug.28 2013) and then 0.8712 (high Jul.17 2013).