EUR/GBP keeps losses around 0.7165

FXStreet (Mumbai) - EUR/GBP stalled its recovery and fell back near lows in the European session, after the pound edge slightly higher after the Bank of England (BOE) remained unanimous on policy decision in May, keeping the base rate unchanged at 0.5%

EUR/GBP falls further post BOE minutes release

Currently, the EUR/GBP cross trades -0.28% lower at 0.7164, having tested lows at 0.7146 shortly after the minutes release. The British pound gained momentum after the BOE MPC minutes release which revealed that despite the unanimity, the minutes revealed the rift among the policymakers continued in May. Minutes stated, "For two members, the immediate policy decision remained finely balanced between voting to hold or raise the Bank Rate."

The MPC also revised its first-quarter growth up to 0.5% after the final estimate before picking up further in the second quarter, which also boosted the British currency.

Moreover, the pair remains pressured as the shared currency remains heavily sold-off across the board amid a strengthening greenback ahead of FOMC minutes due later today.

EUR/GBP Levels to consider

To the upside, the next resistance is located at 0.7186 (Today’s High) and above which it could extend gains to at 0.7200 levels. To the downside immediate support might be located at 0.7150 levels below that at 0.7138 (May 11 Low) levels.