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The EUR/GBP pair is testing the low end but still trapped firmly within near-term consolidation as the Euro (EUR) struggles to find meaningful momentum against the Pound Sterling in either direction.
The European Central Bank (ECB) raised interest rates for the second time this year (by 0.75 percent). The eurozone's CPI was 8.9 percent in July. In that month, the ECB raised rates by 0.5 percent and created a new instrument of monetary policy, the Transmission Protection Instrument (TPI), to counter the 'risk of fragmentation' of the eurozone. The ECB key interest rates are