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EUR/GBP depreciates to near 0.8550, focus on consumer inflation from Germany, Eurozone

EUR/GBP edges lower on dovish comments made by ECB members.
ECB’s Yannis Stournaras hinted four rate cuts, amounting to a reduction of 100 bps, could take place in 2024.
The Bank of England could initiate three quarter-point rate reductions in 2024.

Akhtar Faruqui FXStreet

EUR/GBP retraces its gains registered in the previous session, hovering around 0.8550 during the early European hours on Monday. European Central Bank (ECB) Governing Council member Yannis Stournaras suggested on Sunday that a total of four interest rate cuts could occur in 2024, resulting in a total reduction of 100 basis points (bps) by year-end. This has added pressure to undermine the EUR/GBP cross.

However, the anticipation of the Bank of England (BoE) initiating three quarter-point rate reductions in 2024 could continue to exert pressure on the GBP. Weak economic data indicating that the UK economy slipped into recession in the second half of 2023 has contributed to limiting this retracement. BoE Governor Andrew Bailey's statement hinting at potential interest rate cuts in future policy meetings has further weighed on the Pound Sterling (GBP).

With a dearth of high-impact data expected from the United Kingdom (UK) throughout the week, traders are anticipated to assess the UK economic landscape by closely observing indicators such as Nationwide Housing Prices, S&P Global PMI, and Halifax House Prices data, which are scheduled for release during the week.

ECB policymaker Robert Holzmann stated that interest rate cuts are likely to come, but it will depend on what wage and price developments look like by June. Furthermore, attention will be drawn to the German Consumer Price Index (CPI) slated for release on Tuesday, and the Eurozone Harmonized Index of Consumer Prices data, which will be eyed on Wednesday.

EUR/GBP

Overview
Today last price	0.8546
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	0.8546

Trends
Daily SMA20	0.8551
Daily SMA50	0.8548
Daily SMA100	0.8594
Daily SMA200	0.8608

Levels
Previous Daily High	0.8555
Previous Daily Low	0.853
Previous Weekly High	0.8593
Previous Weekly Low	0.853
Previous Monthly High	0.8602
Previous Monthly Low	0.8504
Daily Fibonacci 38.2%	0.8546
Daily Fibonacci 61.8%	0.854
Daily Pivot Point S1	0.8533
Daily Pivot Point S2	0.8519
Daily Pivot Point S3	0.8508
Daily Pivot Point R1	0.8557
Daily Pivot Point R2	0.8568
Daily Pivot Point R3	0.8582

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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