EUR/GBP Declines Following Mixed UK Economic Data

The EUR/GBP pair experienced a decline following the release of mixed UK GDP data. While the UK economy expanded in the second quarter, the underlying

The EUR/GBP pair experienced a decline following the release of mixed UK GDP data. While the UK economy expanded in the second quarter, the underlying details revealed a slowdown in consumer spending and reliance on government spending to drive growth.

The Bank of England’s monetary policy path remains uncertain, with the potential for further rate cuts to support the economy. However, the recent economic data suggests a more gradual easing cycle.

Technical Outlook

The EUR/GBP pair is showing signs of weakness, with technical indicators suggesting a potential shift towards a bearish sentiment. The 0.8540-0.8590 range is a critical area to watch for potential breakouts.

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