Forex
EUR/GBP Exchange Rate Hits Four-Week High Amid Interest Rate Hopes
The EUR/GBP exchange rate is currently trading at 0.8560 after experiencing a slight pullback from its four-week high of 0.8585.
The Pound's recovery on Thursday was attributed to Governor Bailey's comments hinting at a conditional rate hike, which boosted the Pound's value despite the Bank of England leaving its Bank Rate unchanged at 3.75%.
However, Euro bears are now testing the base of the ascending trendline from mid-July highs around 0.8555, suggesting that the Euro's momentum may be faltering.