| UPDATED: 12:28, Thu, Feb 11, 2021
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Brussels is allegedly prepared to knock Brexit Britain out of its banking market, which could end up causing costs on either side of the English Channel to skyrocket. Bank of England Governor Andrew Bailey believes the EU has signalled that it is considering shutting out the City, subsequently fragmenting markets and actually increasing the cost of business in the EU. This latest EU-UK spat follows off the back of Brussels’ humiliating incident with the COVID-19 vaccines last month
Bank of England Governor Andrew Bailey urged the European Union on Wednesday not to pick a fight with Britain over its huge financial services industry after Brexit, and said the bloc was demanding more of London than of other trade partners.
Feb 9, 2021 16:57 GMTFXStreet News
EUR/GBP has been choppy and is a little higher, as resistance ahead of 0.8800 continues to cap the price action.
The euro is arguably somewhat underpinned by positive political developments out of Italy.
EUR/GBP has been choppy on Tuesday and the price action has so far followed a relatively similar pathway to Monday; during the early European session, the pair rallied into the 0.8790s, before reversing back towards the 0.8760s/70s. Recent GBP momentum that saw the currency outperform most of its G10 peers last week seems to have waned a little this week and the currency is currently looking at a second day of very minor losses versus the euro.