EURGBP - Bearish Bias

EURO - Weak Bearish
1️⃣ Lack of raw material supply in the European Zone could cause disruption to economic recovery.
2️⃣ Germany’s IFO Business Climate declined to 97.7 in October, the lowest level since April 2021, lower than market expectations of 97.9.
3️⃣ The ECB is expected to maintain its dovish stance in its October meeting, but investors will be monitoring the latest statements on Tapering and forward guidance on the economy and inflation.

GBP - Strong Bullish
1️⃣ BoE Governor Andrew Bailey said that the central bank needs to act not as quickly as possible amid increased risks to medium-term inflation expectations.
2️⃣ Investors are now predicting that the BOE will raise interest rates by 25 basis points in the next meeting with a probability of 62%.

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Technical
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EURGBP has broken the support levels.

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Risk to this trade
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Any change in sentiment could turn the pair's direction.

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