FXStreet (Edinburgh) - The cross would now attempt to consolidate the recent decline, before embarking in the next trip lower, commented analysts at Westpac.

Key Quotes

“The BoE’s minutes flagged the risk that growth may not slow as much as the BoE expects but lacked the hawkish smoking gun markets were looking for”.

EUR/GBP has come a long way now and positioning is arguably heavily short”.

“EUR/GBP probably needs to consolidate recent losses for a while yet before the next down leg commences”.

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