• EUR/GBP is juggling in a six-pip range amid a light economic calendar this week.
  • The ECB is expected to announce its first rate hike after the pandemic period sooner.
  • Fixing the CPI print of 9% will be a laborious task for the BOE.

The EUR/GBP pair is consolidating in a narrow range of 0.8498-0.8504 in the Asian session as investors are confused over the selection of currency for parking their liquidity. A firmer risk-on impulse in the market has strengthened the pound and the shared currency against the greenback, which has dwindled the market participants in choosing the optimal one. On a broader note, the shared currency bulls look more confident as the asset has remained positive over the last week.

The discussions over the decision of an embargo on oil from Russia have resumed and now Hungary is opposing the Russian oil prohibition amid its higher dependency on fossil fuels and energy from Russia. The European Union has urged Hungary to support the ‘Isolating Russia’ movement after it invaded Ukraine. Well, discussions are still on and its possibility seems sooner now.

Apart from that, investors expect a rate hike announcement by the European Central Bank (ECB). Inflation is scaling higher in the eurozone and the ECB is still far from its first rate hike after the pandemic. Dutch Central Bank head and ECB Governing Council member Klass Knot stated on Wednesday, that inflation expectations will remain well-anchored at its upper limit and a rate hike by 50 basis points (bps) is not off the table.

On the pound front, mounting fears of a recession could affect the sterling going forward. The annual inflation figure has reached 9% in the UK. The Bank of England (BOE) has got a laborious task of fixing the inflation mess, which will compel the BOE to remain extremely hawkish on monetary policy for a longer horizon.

EUR/GBP

Overview
Today last price 0.8503
Today Daily Change -0.0020
Today Daily Change % -0.23
Today daily open 0.8523
 
Trends
Daily SMA20 0.8492
Daily SMA50 0.8413
Daily SMA100 0.8388
Daily SMA200 0.8445
 
Levels
Previous Daily High 0.8529
Previous Daily Low 0.8485
Previous Weekly High 0.8534
Previous Weekly Low 0.8393
Previous Monthly High 0.8467
Previous Monthly Low 0.825
Daily Fibonacci 38.2% 0.8512
Daily Fibonacci 61.8% 0.8502
Daily Pivot Point S1 0.8495
Daily Pivot Point S2 0.8468
Daily Pivot Point S3 0.8451
Daily Pivot Point R1 0.854
Daily Pivot Point R2 0.8556
Daily Pivot Point R3 0.8584

 

 

 

 

 

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.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD steadies near 1.0550, looks to post modest weekly gains

EUR/USD steadies near 1.0550, looks to post modest weekly gains

EUR/USD has lost its bullish momentum after having climbed above 1.0570 with the initial reaction to the US data in the American session and retreated toward the mid-1.0500s. On a weekly basis, the pair remains on track to close in positive territory. 

EUR/USD News

GBP/USD struggles to hold above 1.2300

GBP/USD struggles to hold above 1.2300

GBP/USD has edged lower following a jump above 1.2300 in the early American session on Friday. The market mood remains upbeat ahead of the weekend with Wall Street's main indexes posting strong daily gains on upbeat US data. 

GBP/USD News

Gold stays below $1,830 as US yields edge higher

Gold stays below $1,830 as US yields edge higher

Gold continues to fluctuate below $1,830 on Friday and looks to close the second straight week in negative territory. Fueled by the risk-positive market environment, the benchmark 10-year US Treasury bond yield is up more than 1% on the day, limiting XAU/USD's upside.

Gold News

Why Cardano could surprise over the weekend

Why Cardano could surprise over the weekend

ADA  set to close out the week with a gain on the workday trading week and over the weekend? Central banks signaled that the rate hike cycle is ending, meaning less stress and tight conditions for trading, opening up room for some upside potential with Cardano set to pop above $0.55 and test a significant cap.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures