• EUR/GBP trades an extremely narrow 16 pip range into the European session.
   
• Markets focus on BoE policy rate decision along with inflation forecasts for further impetus on the pair.
   
• Ongoing sterling depreciation and slightly firmer-than-expected activity data (notably the Q3 preliminary GDP outturn) have pushed back BoE rate cut expectations.
   
• Major support levels - 0.8977 (20-DMA), 0.8955 (major trendline), 0.8885 (Oct 25 low)
   
• Major resistance levels - 0.9049 (Nov 2 high), 0.9058 (Oct 17 high), 0.91
   
• We see weakness only on breakout below trendline at 0.8955, test of 0.8885 and then 0.8827 levels likely.