EUR/GBP grinds back down into 0.8750


  • The Euro is slipping back against the Pound Sterling in thin Monday action.
  • EUR/GBP testing back into 0.8750 as momentum drains out.
  • EU, UK PMIs due later in the week.

The EUR/GBP is falling back to the 0.8750 level after last week's failed run at a fresh high. Markets dubbed the Euro (EUR) the weaker currency against the Pound Sterling (GBP), sending the EUR/GBP back down at the start of the trading week.

The economic calendar has a thin showing for both currencies in the early half of the week, leaving traders to sit and wait for Thursday's Purchasing Managers' Index (PMI) showings for both the EUR and the GBP.

European PMIs are expected to show a slight increase, while UK PMIs are forecast to stick tighter to previous readings.

The EU HCOB Composite PMI for November is expected to tick upwards from 46.5 to 46.9, with both the Services and Manufacturing components expected to show slight improvement.

The UK S&P Global/CIPS November Composite PMI is expected to hold flat at 48.7, with the Services component expected to hold at 49.5 and the Manufacturing component is forecast to show only a slight improvement from 44.8 to 45.0.

Euro price today

The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against the Japanese Yen.

  USD EUR GBP CAD AUD JPY NZD CHF
USD   -0.32% -0.42% 0.06% -0.70% -1.04% -0.70% -0.12%
EUR 0.32%   -0.11% 0.38% -0.38% -0.72% -0.38% 0.20%
GBP 0.42% 0.11%   0.49% -0.27% -0.60% -0.27% 0.31%
CAD -0.06% -0.38% -0.50%   -0.76% -1.10% -0.76% -0.16%
AUD 0.69% 0.38% 0.28% 0.76%   -0.34% 0.00% 0.58%
JPY 1.04% 0.72% 0.37% 1.09% 0.34%   0.34% 0.91%
NZD 0.70% 0.38% 0.27% 0.76% 0.00% -0.34%   0.58%
CHF 0.11% -0.21% -0.31% 0.18% -0.59% -0.93% -0.58%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).

EUR/GBP Technical Outlook

Despite Monday's minor decline, the Euro remains well-bid against the Pound Sterling, and the pair is trading above the 200-day Simple Moving Average (SMA) that continues to grind lower into 0.8680. The Euro has risen over 3% against the Pound Sterling since August's swing low into the 0.8500 region.

The EUR/GBP pair set a fresh six-month high last week of 0.8766, and short-sellers will be looking to push the pair back below a rising trendline, while bidders will be trying to price in a technical floor from a bullish crossover of the 50- and 200-day SMAs.

EUR/GBP Daily Chart

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD recovers toward 1.0850 ahead of US data

EUR/USD recovers toward 1.0850 ahead of US data

EUR/USD regained its traction and recovered to the 1.0850 area after falling toward 1.0800 earlier in the day. The upbeat PMI data from Germany and the EU support the Euro on Thursday as market focus shifts to macroeconomic data releases from the US. 

EUR/USD News

GBP/USD clings to small gains above 1.2700

GBP/USD clings to small gains above 1.2700

GBP/USD is clinging to recovery gains above 1.2700 in European trading on Thursday. The PMI data from the UK showed that Composite PMI edged lower to 52.8 in May (preliminary) from 54.1 in April, limiting Pound Sterling's gains ahead of key data releases from the US.

GBP/USD News

Gold stays in negative territory below $2,370

Gold stays in negative territory below $2,370

Gold struggles to stage a rebound and trades in negative territory below $2,370 following Wednesday's sharp decline. The benchmark 10-year US Treasury bond yield holds steady above 4.4% and makes it difficult for XAU/USD to stretch higher ahead of US data.

Gold News

As Ethereum spot ETF approval nears, these altcoins could explode

As Ethereum spot ETF approval nears, these altcoins could explode

It is not surprising that altcoins related to Bitcoin saw a major rally post-Bitcoin spot ETF approval. Likewise, tokens closely related to Ether could ride the ETF approval wave. Ethereum Classic, Pepe, Floki and other DeFi tokens could gain momentum as the ETH ETF approval deadline nears. 

Read more

US S&P Global PMIs Preview: Economic expansion set to persist in May

US S&P Global PMIs Preview: Economic expansion set to persist in May

On Thursday, S&P Global will issue its flash estimates of the United States (US) Purchasing Managers Indexes (PMIs), a monthly survey of business activity. The survey is separated into services and manufacturing output and aggregated into a single statistic, the Composite PMI.

Read more

Forex MAJORS

Cryptocurrencies

Signatures