EUR/GBP clears losses and defends the 200-day SMA ahead of BoE’s decision

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• EUR/GBP bottomed at a low of around 0.8695 and then recovered toward 0.8715.
• The EUR traded firm on Friday after the ECB’s decision on Thursday to hold rates steady.
• Focus now shifts to next week’s BoE decision on Thursday, which is also expected to hold rates steady at 5.25%.

At the end of the week, the EUR/GBP bulls did their job and defended the 200-day Simple Moving Average (SMA) at 0.8695 and cleared daily losses, jumping above 0.8700. On a weekly basis, the cross will tally a third consecutive week of gains despite facing selling pressure in the last sessions.