After moving broadly sideways in the previous session, the pound resumed yesterday's rally against the euro as the Bank of England decided to retain its interest rate at 0.5 percent and the asset purchase programme at GBP 375 billion.
The pound touched 0.7972 against the euro around 7:05 am ET, its strongest level since October 1. The pound is poised to extend its advance as an ascending channel has broken in the EUR/GBP pair with 0.7925/30 seen as the next likely target level.
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Forex News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.