EUR/GBP Price Analysis: Clings near multi-day low at 0.8580

EUR/GBP defensive near 0.8580 in the early European session.
Bulls face rejection near 0.8700 on the daily chart.
Negative momentum oscillators favor downside momentum.

Rekha Chauhan Independent Analyst

The EUR/GBP cross remains subdued ahead of the European session. The pair remained in a very tight price band of 0.8580 and 0.8620 two days in a row.

At the time of writing, EUR/GBP is trading at 0.8587, down 0.01% on the day

EUR/GBP daily chart

On the daily chart, the EUR/GBP cross has been consolidating near Monday’s lows of 0.8588 for the third straight session.

The receding Moving Average Convergence Divergence (MACD) indicator hints at continuation of the downward pressure on the price. The bears would first locate 0.8550 and later the 0.8510 horizontal support zone.

The next area of support would be April 6 lows at 0.8485.

Alternatively, upon moving higher the first hurdle for the bulls could be found near the 20-hour Simple Moving Average (SMA) at 0.8615, followed by the 0.8650 horizontal resistance zone.

The price could retest Monday’s high at 0.8700 following the previous price movement.

EUR/GBP Additional Levels

EUR/GBP

Overview
Today last price	0.8587
Today Daily Change	-0.0001
Today Daily Change %	-0.01
Today daily open	0.8588

Trends
Daily SMA20	0.8666
Daily SMA50	0.8619
Daily SMA100	0.8732
Daily SMA200	0.8885

Levels
Previous Daily High	0.8614
Previous Daily Low	0.8582
Previous Weekly High	0.8711
Previous Weekly Low	0.8624
Previous Monthly High	0.872
Previous Monthly Low	0.8472
Daily Fibonacci 38.2%	0.8594
Daily Fibonacci 61.8%	0.8602
Daily Pivot Point S1	0.8576
Daily Pivot Point S2	0.8563
Daily Pivot Point S3	0.8544
Daily Pivot Point R1	0.8607
Daily Pivot Point R2	0.8626
Daily Pivot Point R3	0.8639

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

GBP/USD declines as market caution lifts US Dollar

GBP/USD extends its gains for the second successive day, trading around 1.3200 during the Asian hours on Wednesday. The currency pair depreciated as the US Dollar gained momentum, driven by a combination of robust domestic economic data and a complex, mixed geopolitical landscape.

EUR/USD weakens below 1.1400 as Fed hike bets lift US Dollar

The EUR/USD pair trades on a negative note near 1.1380 during the early Asian trading hours on Wednesday. The major pair extends the decline as traders continue to assess the developments surrounding the US-Iran peace deal.

Gold retains bearish bias near two-week low as Fed hike bets support USD

Gold recovers slightly from a fresh two-week low, near $4,080 touched during the Asian session on Wednesday, though it lacks follow-through. The US Dollar stands firm near its highest level since May 2025 amid firming expectations of a Fed rate hike, which, in turn, is seen undermining the non-yielding bullion. Furthermore, mixed US-Iran signals over Tehran's nuclear issues favor the USD bulls, suggesting that the path of least resistance for the commodity remains to the downside.

Australia CPI set to show inflation accelerated again in May

The Australian Bureau of Statistics will publish the high-impact Consumer Price Index for May on Wednesday at 01:30 GMT. Heading into the inflation test, the Australian Dollar is at its lowest level in two months against the US Dollar, having surrendered the 0.7000 psychological mark.

"Rearranging the deckchairs on the Titanic": UK's fiscal crisis outlasts another Prime Minister

Keir Starmer's resignation as the UK Prime Minister comes ten years after the Brexit referendum vote, a coincidence that financial markets have been quick to note. The British Pound trades around 1.3220 against the US Dollar on Thursday.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.