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Old 23-08-2023, 10:41
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Default EUR/GBP looks to consolidate around 0.8520 ahead of PMIs from Eurozone and UK

EUR/GBP finds itself in a crucial juncture, with all eyes on its consolidation around the 0.8520 mark, a pivotal level that could set the tone for its immediate trajectory. As the Asian session unfolded on a Wednesday that carried high stakes, the currency pair grappled with the task of recouping losses incurred during the prior trading day, tentatively floating near the 0.8520 level. This struggle finds its roots in the prevailing apprehension surrounding the potential escalation of interest rates by the Bank of England (BoE).

Market participants have assumed the role of vigilant observers, meticulously following the developments on the UK economic calendar. The spotlight is particularly on the imminent release of the preliminary S&P Global/CIPS Composite Purchasing Managersí Index (PMIs) for August. The outcome of this data release holds the promise of illuminating the paths that the respective economies of the Eurozone and the UK are embarking upon. The ripples of this revelation have the potential to resonate significantly in the trading decisions involving the intricate dance of EUR/GBP.

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