{"id":23951,"date":"2022-03-17T11:12:00","date_gmt":"2022-03-17T11:12:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=23951"},"modified":"2022-03-17T12:52:12","modified_gmt":"2022-03-17T12:52:12","slug":"eurgbp-ecb-has-hesitated-during-periods-of-uncertainty","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/eurgbp-ecb-has-hesitated-during-periods-of-uncertainty\/","title":{"rendered":"EURGBP: ECB has hesitated during periods of uncertainty"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"23951\" class=\"elementor elementor-23951\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-65d0739 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"65d0739\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-500f106\" data-id=\"500f106\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-dc708fd elementor-widget elementor-widget-text-editor\" data-id=\"dc708fd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>Forex Analysis<\/strong><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d3262d5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d3262d5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b96e55f\" data-id=\"b96e55f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7f21b02 elementor-widget elementor-widget-image\" data-id=\"7f21b02\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"602\" height=\"280\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/03\/Picture1-8.jpg\" class=\"attachment-large size-large wp-image-23955\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-50944cf elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"50944cf\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f8a4e21\" data-id=\"f8a4e21\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-093a354 elementor-widget elementor-widget-text-editor\" data-id=\"093a354\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Today\u2019s European final inflation data came out this morning with a slight rise in the CPI y\/y to 5.9% and an as expected Core CPI reading of 2.7%. The 3.2% more inflation in the headline figure over the Core figure reflects the spike in energy and food prices that we have seen before, during and will for some time after the war in Ukraine. The OECD reported today that the global inflation rate hike will be around 2.5 percentage points higher and that will have a 1 percentage point detrimental effect on global GDP. In a speech given by ECB President Lagarde today, she stated that <em>Inflation expectations have also converged to our target of 2% across a range of measures, while inflation has become broader, and measures of underlying inflation have risen. These measures have been influenced by energy prices and supply bottlenecks, but with pipeline pressures swelling, the upward impact may last for a while. An indicator of \u201csticky price inflation\u201d, which captures items whose prices are changed less frequently, rose to 2.9% in December last year.<\/em><\/p><p>Personally, I don\u2019t see how the ECB is going to stabilise the inflation rate without doing something proactive as a global inflation rise is going to prevent the EU inflation from coming much lower any time soon.<\/p><p>In the speech from President Lagarde today she quoted Bertrand Russell and said, <em>we face an eternal test of \u201chow to live without certainty, and yet without being paralysed by hesitation\u201d<\/em>.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b3f07e5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b3f07e5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-bd003f3\" data-id=\"bd003f3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8acb990 elementor-widget elementor-widget-image\" data-id=\"8acb990\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"602\" height=\"293\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/03\/Picture2-7.jpg\" class=\"attachment-large size-large wp-image-23956\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3320246 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3320246\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-264c7fa\" data-id=\"264c7fa\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-dab3d99 elementor-widget elementor-widget-text-editor\" data-id=\"dab3d99\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>With the Bank of England, and other major central banks tightening policy the ECB will be left behind. Maybe they feel the euro will depreciate and that will help exports when the supply chains get back up and running. Maybe the war in Ukraine will be a drawn-out affair and keep inflationary pressures higher for longer. Currently, the market is pointing to lower prices in the euro crosses. The benchmark <a href=\"https:\/\/bit.ly\/3pZAGfs\" target=\"_blank\" rel=\"noopener\">US 10-year yield<\/a> is at 2.153% as the Fed go into their first-rate hike cycle since 2018. The UK Gilt is up at 1.612% but the German Bunds yield is only just positive coming in at 0.396%. Add in a whole load of uncertainty and the flows from the euro to the <a href=\"http:\/\/bit.ly\/2YAQOVh\" target=\"_blank\" rel=\"noopener\">US dollar<\/a> and pound should remain for a while longer, especially as the ECB appears to be paralyzed in their monetary policy decision making.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b43c304 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b43c304\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-38a8533\" data-id=\"38a8533\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bf20286 elementor-widget elementor-widget-image\" data-id=\"bf20286\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/2Lg9zs6\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"589\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/03\/rsz_eurgbp_m.jpg\" class=\"attachment-large size-large wp-image-23957\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5cf81128 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5cf81128\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2c6946fc\" data-id=\"2c6946fc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-160e3eb9 elementor-widget elementor-widget-text-editor\" data-id=\"160e3eb9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"http:\/\/bit.ly\/2Lg9zs6\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-898cf01 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"898cf01\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-fe61932\" data-id=\"fe61932\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1da5ced elementor-widget elementor-widget-text-editor\" data-id=\"1da5ced\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>The path of least resistance for the <a href=\"http:\/\/bit.ly\/2Lg9zs6\" target=\"_blank\" rel=\"noopener\">EURGBP<\/a> is to the downside. 3-month momentum is bearish, there has been a sweep of the liquidity below 0.8280 and the subsequent bounce has not been able to penetrate the balance area between 0.84713 and 0.87193. The centre line in that zone would be around 0.86000, so if there were to be a bullish move prices could be capped at that level. A move down to the 0.8000 big figure just looks a lot easier and would be in line with the monetary policy divergence.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-31af341 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"31af341\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-021ac97\" data-id=\"021ac97\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0f1de87 elementor-widget elementor-widget-image\" data-id=\"0f1de87\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/bit.ly\/2Lg9zs6\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"555\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/03\/rsz_eurgbp_d1.jpg\" class=\"attachment-large size-large wp-image-23958\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-24eb9411 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"24eb9411\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-30be85bc\" data-id=\"30be85bc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-633d2d80 elementor-widget elementor-widget-text-editor\" data-id=\"633d2d80\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"http:\/\/bit.ly\/2Lg9zs6\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4730924 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4730924\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5fbe368\" data-id=\"5fbe368\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-16eeae1 elementor-widget elementor-widget-text-editor\" data-id=\"16eeae1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>The momentum to the downside will accelerate if the EURGBP can close below the 0.83591 daily fractal. If that occurs the initial profit target would be 0.83040 which is the daily high from 7<sup>th<\/sup> of March 2022. This trading hypothesis is invalidated with a move above the fractal high from Tuesday at 0.84553.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Forex Analysis Today\u2019s European final inflation data came out this morning with a slight rise in the CPI y\/y to 5.9% and an as expected Core CPI reading of 2.7%. The 3.2% more inflation in the headline figure over the Core figure reflects the spike in energy and food prices that we have seen before, [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":10414,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[229,54,24,18,101],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>EURGBP: ECB has hesitated during periods of uncertainty - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/eurgbp-ecb-has-hesitated-during-periods-of-uncertainty\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EURGBP: ECB has hesitated during periods of uncertainty EURGBP: ECB has hesitated during periods of uncertainty\" \/>\n<meta property=\"og:description\" content=\"Inflation is rising and there&#039;s little the monetary policies of central banks can do in the short term. It takes a while for their adjustments to filter through the markets. Last night Fed Chair Powell said that the forward guidance form last June onwards had played a part in the rate hike cycle with the market&#039;s pricing in last night\u2019s 25bps over the course of the last 8 months. The war in Ukraine has thrown the markets a curveball and there has been more than one spanner thrown into the monetary policy works since February 2020. As no one knows what will happen in the next 12 months we are left with reading into what these central banks are trying to accomplish. Currently, I believe the ECB is going to hold off for a lot longer and the market will punish the euro.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/eurgbp-ecb-has-hesitated-during-periods-of-uncertainty\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-17T11:12:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-17T12:52:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/06\/GettyImages-675062372.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"593\" \/>\n\t<meta property=\"og:image:height\" content=\"292\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Neville Hornsey\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"EURGBP: ECB has hesitated during periods of uncertainty EURGBP: ECB has hesitated during periods of uncertainty\" \/>\n<meta name=\"twitter:description\" content=\"Inflation is rising and there&#039;s little the monetary policies of central banks can do in the short term. It takes a while for their adjustments to filter through the markets. Last night Fed Chair Powell said that the forward guidance form last June onwards had played a part in the rate hike cycle with the market&#039;s pricing in last night\u2019s 25bps over the course of the last 8 months. The war in Ukraine has thrown the markets a curveball and there has been more than one spanner thrown into the monetary policy works since February 2020. As no one knows what will happen in the next 12 months we are left with reading into what these central banks are trying to accomplish. Currently, I believe the ECB is going to hold off for a lot longer and the market will punish the euro.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Neville Hornsey\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/eurgbp-ecb-has-hesitated-during-periods-of-uncertainty\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/eurgbp-ecb-has-hesitated-during-periods-of-uncertainty\/\"},\"author\":{\"name\":\"Neville Hornsey\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/95b20558021997bd74f4db43fabddf85\"},\"headline\":\"EURGBP: ECB has hesitated during periods of uncertainty\",\"datePublished\":\"2022-03-17T11:12:00+00:00\",\"dateModified\":\"2022-03-17T12:52:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/youtrading.com\/en\/eurgbp-ecb-has-hesitated-during-periods-of-uncertainty\/\"},\"wordCount\":545,\"publisher\":{\"@id\":\"https:\/\/youtrading.com\/en\/#organization\"},\"keywords\":[\"Christine Lagarde\",\"ECB\",\"EURGBP\",\"EURUSD\",\"Inflation\"],\"articleSection\":[\"Forex\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/youtrading.com\/en\/eurgbp-ecb-has-hesitated-during-periods-of-uncertainty\/\",\"url\":\"https:\/\/youtrading.com\/en\/eurgbp-ecb-has-hesitated-during-periods-of-uncertainty\/\",\"name\":\"EURGBP: ECB has hesitated during periods of uncertainty - Youtrading UK\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/#website\"},\"datePublished\":\"2022-03-17T11:12:00+00:00\",\"dateModified\":\"2022-03-17T12:52:12+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/youtrading.com\/en\/eurgbp-ecb-has-hesitated-during-periods-of-uncertainty\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/youtrading.com\/en\/eurgbp-ecb-has-hesitated-during-periods-of-uncertainty\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/youtrading.com\/en\/eurgbp-ecb-has-hesitated-during-periods-of-uncertainty\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/youtrading.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"EURGBP: ECB has hesitated during periods of uncertainty\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/youtrading.com\/en\/#website\",\"url\":\"https:\/\/youtrading.com\/en\/\",\"name\":\"Youtrading UK\",\"description\":\"Leaders in Trader Training\",\"publisher\":{\"@id\":\"https:\/\/youtrading.com\/en\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/youtrading.com\/en\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/youtrading.com\/en\/#organization\",\"name\":\"YouTrading\",\"url\":\"https:\/\/youtrading.com\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2020\/12\/Logo-Youtrading-2020_preto.svg\",\"contentUrl\":\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2020\/12\/Logo-Youtrading-2020_preto.svg\",\"width\":2531,\"height\":570,\"caption\":\"YouTrading\"},\"image\":{\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/YouTradingEnglish\/\",\"https:\/\/www.instagram.com\/youtrading_english\/\",\"https:\/\/www.youtube.com\/channel\/UCc22BNolZpSd33lXc8utUvg\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/95b20558021997bd74f4db43fabddf85\",\"name\":\"Neville Hornsey\",\"description\":\"Neville Hornsey holds a BA Honours 2.1 in Professional Media and has been a professional trader since 2007. 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