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Forex pairs in this Article » EUR/GBP (Barcelona) - The EURGBP rallied to as high as 0.8684 during the London morning after the BoE Quarterly Inflation Report and BoE Governor Mervyn King's speech. The cross has been wandering around 0.8654 most recently, +0.77% on the day.

The BoE statement said the UK GDP will stay below pre-crisis level until 2015 and CPI should stay above target for most of the next three years. BoE Governor King believes the UK is set for a less normal recovery and that further monetary stiimulus might only boost market optimism, and not economic growth.

"EURGBP continues to rise from its support at 0.8441 (22/01/2013 high)", wrote MIG Bank analyst Bijoy Kar, pointing to the break of hourly resistance at 0.8554 (31/01/2013 low), and an hourly support at 0.8541 (12/01/2013 low).
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