EUR/GBP flatlines just under 0.8550 as traders await Thursday’s UK GDP release

EUR/GBP trades flat and rangebound just under 0.8550, as broader macro themes steal the FX market’s focus.
UK GDP data out on Thursday could reinfuse some volatility.

Joel Frank Independent Analyst

It’s been a tame session thus far for EUR/GBP, with today’s FX market focus largely on broader macro themes (like higher-than-expected US inflation) which have had little impact on the relative strength of the euro and pound sterling versus each other. Thus, trading conditions have been rangebound, with the pair going sideways within 0.8530-0.8560ish parameters. At present, the exchange rate is changing hands just to the south of the 0.8550 level and is flat on the day.

Things might pick up a little on Thursday with the release of the preliminary estimate of UK Q3 GDP at 0700GMT. Traders await the data to see if EUR/GBP’s recent pullback since rejecting its 200-day moving average in the 0.8580 region has any further legs. The 0.8560 level also seems to have formed a bit of a ceiling over the past two sessions and EUR/GBP might find current levels attractive to ride the pair back down to the weekly lows at the 21DMA around 0.8520.

EUR/Gbp

Overview
Today last price	0.8548
Today Daily Change	-0.0004
Today Daily Change %	-0.05
Today daily open	0.8552

Trends
Daily SMA20	0.8476
Daily SMA50	0.8523
Daily SMA100	0.8536
Daily SMA200	0.8584

Levels
Previous Daily High	0.8561
Previous Daily Low	0.8521
Previous Weekly High	0.8595
Previous Weekly Low	0.8442
Previous Monthly High	0.8624
Previous Monthly Low	0.8403
Daily Fibonacci 38.2%	0.8546
Daily Fibonacci 61.8%	0.8536
Daily Pivot Point S1	0.8528
Daily Pivot Point S2	0.8504
Daily Pivot Point S3	0.8487
Daily Pivot Point R1	0.8568
Daily Pivot Point R2	0.8585
Daily Pivot Point R3	0.8609

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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