The pound has lost points against the euro so far in May. While there are no headlines explaining the euro's gains against sterling, traders may take into account concerns about growth in the UK and the improving outlook for growth in the euro zone. Traders who may have been pricing in bets for the ECB to cut interest rates in June may also have taken cues from members who suggested a June rate cut could be a “one-off” scenario. Will EUR/GBP break current resistance levels and extend its uptrend this week?
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