EUR/GBP is rapidly approaching the 2023 low of 0.8493, signaling potential for further declines, according to economists at MUFG Bank. With a USD bullish bias and the possibility of GBP strengthening in response to a less dovish Bank of England policy update, there is a chance for EUR/GBP to extend its current downward movement.
If the pair breaks the 2023 low, it could pave the way for a swifter decline toward the 0.8400 level, a level not seen since August 2022.
