• EUR/GBP struggles to gain any meaningful traction and oscillates in a range on Thursday.
• The formation of a rectangle might still be categorized as a bearish consolidation phase.
• A convincing break below the 0.8400 round figure should pave the way for deeper losses.

The EUR/GBP cross oscillates in a narrow band through the first half of the European session and currently trades around the 0.8425-0.8430 area, just below a one-week high touched earlier this Thursday.

The British Pound (GBP) continues with its relative outperformance in the wake of expectations that the Bank of England's (BoE) rate-cutting cycle is more likely to be slower than in the Eurozone or the United States. This, in turn, is seen as a key factor acting as a headwind for the EUR/GBP cross. That said, the shared currency benefits from the emergence of some follow-through US Dollar (USD) selling, which helps limit the downside for the currency pair.