EUR/GBP consolidates in a narrow range around 0.8620, investors await UK GDP

EUR/GBP oscillates around the 0.8604–24 region in a narrow trading band.
The German Harmonized Index of Consumer Prices (HICP) came in at 6.5%, as expected.
The Bank of England (BoE) policymaker said interest rates were expected to remain high for a longer period.

Lallalit Srijandorn FXStreet

The EUR/GBP pair oscillates in a narrow range around 0.8620 heading into the early European session on Tuesday. Market players await the UK Gross Domestic Product (GDP) Q2 for fresh impetus. The growth rate is expected to grow by 0.2% on a yearly basis.

The latest data from Destatis showed on Tuesday that the German Harmonized Index of Consumer Price (HICP) came in at 6.5%, matching the market expectations. Earlier this week, the Eurozone Sentix Investor Confidence improved from -22.5 in July to -18.9 in August, versus the market consensus of -23.4.

Sentix Managing Director Patrick Hussy said that the Eurozone economy is still in recession. As a result, there can be no delight in this development. Nevertheless, the European Central Bank's (ECB) peak rate speculations were sparked by the global rating agency Fitch Ratings, which impacted the Euro against its rivals.

On the other hand, the Bank of England (BoE) chief economist, Huw Pill, stated on Friday that interest rates were expected to remain high for a longer period. He added that the central bank will be more data-dependent, and policymakers will respond as the economy and the data evolve.

It's worth noting that the Bank of England (BoE) raised interest rates by 25 basis points (bps) to a 15-year high of 5.25% from 5% in its August policy meeting on Thursday. Markets anticipated that the BoE would likely hike two additional rates by the end of the year as inflation remains high. However, the aggressive tightening policy by the BoE fuels concern about the negative impact on the UK economy and exerts pressure on the Pound Sterling.

Looking ahead, market participants will closely watch the UK Q2 Gross Domestic Product (GDP) on Friday. The data could significantly impact the US Dollar and give a clear direction to the EUR/GBP cross.

EUR/GBP

Overview
Today last price	0.8621
Today Daily Change	0.0015
Today Daily Change %	0.17
Today daily open	0.8606

Trends
Daily SMA20	0.8596
Daily SMA50	0.8586
Daily SMA100	0.8677
Daily SMA200	0.8725

Levels
Previous Daily High	0.8639
Previous Daily Low	0.8606
Previous Weekly High	0.8656
Previous Weekly Low	0.855
Previous Monthly High	0.8701
Previous Monthly Low	0.8504
Daily Fibonacci 38.2%	0.8619
Daily Fibonacci 61.8%	0.8626
Daily Pivot Point S1	0.8595
Daily Pivot Point S2	0.8584
Daily Pivot Point S3	0.8561
Daily Pivot Point R1	0.8628
Daily Pivot Point R2	0.8651
Daily Pivot Point R3	0.8662

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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