“¢ Renewed GBP selling helps regain traction after yesterday’s brief pause. “¢ Weaker sentiment surrounding EUR now seemed to cap additional gains. “¢ The latest BoE policy update to help determine near-term directional move. The EUR/GBP cross caught some fresh bids on Thursday and might now be making a fresh attempt to decisively move back above the 0.8800 handle. The UK Prime Minister Theresa May managed to clear a final obstacle to the EU withdrawal bill and won a crunch parliamentary vote on Wednesday. The news provided a minor boost to the British Pound and the cross stalled its post-ECB recovery move, snapping three consecutive days of winning streak. The optimism, however, turned out to be short-lived, with some renewed GBP selling helping the cross to regain positive traction after yesterday’s brief pause and move back closer to weekly tops. Meanwhile, the prevailing bearish sentiment surrounding the shared currency, coupled with investors’ reluctance to place any aggressive bets ahead of the June BoE monetary policy decision now seemed to keep a lid on any further up-move, at least for the time being. The UK central bank is widely expected to leave interest rates on hold and hence, the focus would be on accompanying minutes for fresh hints on an August hike. The British Pound may see some upside on a hawkish vote count, while a neutral stance might force market participants to scale back bets for an imminent rate-hike in the near-future and would be enough to prompt fresh GBP weakness. Technical levels to watch Momentum beyond the 0.8800 handle is likely to confront resistance at the very important 200-day SMA, around the 0.8820 region, above which the cross is likely to head towards challenging the 0.8840-45 supply zone. On the flip side, the 0.8775-70 region now seems to protect the immediate downside, which if broken now seems to pave the way for additional downside towards 0.8720 horizontal support en-route the 0.8700 handle. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next When is the BOE rate decision and how could it affect GBP/USD? FX Street 5 years "¢ Renewed GBP selling helps regain traction after yesterday's brief pause. "¢ Weaker sentiment surrounding EUR now seemed to cap additional gains. "¢ The latest BoE policy update to help determine near-term directional move. The EUR/GBP cross caught some fresh bids on Thursday and might now be making a fresh attempt to decisively move back above the 0.8800 handle. The UK Prime Minister Theresa May managed to clear a final obstacle to the EU withdrawal bill and won a crunch parliamentary vote on Wednesday. The news provided a minor boost to the British Pound… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.