EUR/GBP macro + technicalEuro vs Great Britain PoundVANTAGE:EURGBPanonymousbutterflyBCE CPI inflation has returned close to the 2% target, PMI data showing stabilization, high probability of rate hold but very low probability of hikes, limited pressure for aggressive cuts, basically not aggressively bullish, but relatively stable. BOE UK inflation is gradually slowing, recent PMI data shows some fragility, markets strongly pricing in rate cuts with high probabilities of at least a 25bps cut with a risk of a more dovish tone ahead. GBP still benefits from higher rates with 3.75, but expectations are more dovish and a greater cut could surprise investors and push them to sell the British pound. Technical Structure Uptrend in place since January 2025, with a pullback in February that did not break the trendline or the last lower high. I would like to see a retracement around the 0.5–0.62 zone, with a final tp towards the November 2025 highs. Intermarket Analysis EXY Break of descending trendline, Improving momentum + signs of relative euro strength BXY Trendline still respected with no major bullish breakout but momentum less convincing The most probable scenario would be that ECB holds and BoE gradually cuts. This is not an explosive macro divergence but enough to support technical continuation. A stronger bullish factor would be a more dovish BoE than expected + weak UK data surprises investors.