EUR/GBP flat-lines around 0.8600 mark ahead of BoE, ECB rate decisions

Investors prefer to wait on the sidelines ahead of the BoE and ECB policy decisions.EUR/GBP

cross extends its sideways consolidative price move on Thursday and remains confined in a narrow trading band around the 0.8600 mark through the early European session. Traders seem reluctant to place directional bets and prefer to wait on the sidelines ahead of the central bank event risks.will announce its policy decision at 12:00 GMT this Thursday.

Apart from this, expectations that the European Central Bank will raise its policy rates at a slower pace, by 50 bps, also contribute to keeping a lid on the EUR/GBP cross. From a technical perspective, the recent subdued price action witnessed over the past three weeks or so could be categorized as a bearish consolidation phase. This, along with the pair's inability to attract any buyers, supports prospects for further losses.

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