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EUR/GBP Price Forecast: Rises on weak UK GDP, fluctuates around 50-day SMA

  • EUR/GBP crosses key 0.8350 threshold but faces resistance near 0.8400, with current trading influenced by UK GDP concerns.
  • Potential upside could see the cross target the 100-day SMA at 0.8413, with further resistance at the 200-day SMA at 0.8475.
  • Downside risks remain if the pair retreats, with support levels at recent lows of 0.8306 and 0.8260.

The Euro recovered some ground versus the British Pound on Monday as traders digested the latest UK Gross Domestic Product (GDP) report, which hinted the economy is slowing down. The EUR/GBP trades at 0.8359, up by 0.11%.

EUR/GBP Price Forecast: Technical outlook

The EUR/GBP extended its gains past the psychological 0.8350 area, though buyers remain unable to crack 0.8400. Additionally, sellers leaning to the 50-day Simple Moving Average (SMA) at 0.8360 keep the cross pair from reaching 0.84 despite printing a daily peak of 0.8373.

If bulls clear 0.8373 and 0.84, the next stop would be the 100-day SMA at 0.8413. A breach of the latter will expose the 200-DMA at 0.8475.

Conversely, if EUR/GBP retreats below 0.8350, the first support would be the November 14 low of 0.8306. Once surpassed, the next floor would be the November 11 swing low of 0.8260.

Oscillators such as the Relative Strength Index (RSI) suggest bulls are gathering momentu, as the RSI cleared its neutral line, turning bullish.

EUR/GBP Price Chart – Daily

Euro PRICE Today

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

 USDEURGBPJPYCADAUDNZDCHF
USD -0.24%-0.05%0.43%-0.04%-0.05%0.28%-0.23%
EUR0.24% 0.36%0.77%0.32%0.35%0.64%0.14%
GBP0.05%-0.36% 0.43%-0.05%-0.02%0.27%-0.24%
JPY-0.43%-0.77%-0.43% -0.48%-0.41%-0.09%-0.58%
CAD0.04%-0.32%0.05%0.48% 0.01%0.32%-0.18%
AUD0.05%-0.35%0.02%0.41%-0.01% 0.29%-0.21%
NZD-0.28%-0.64%-0.27%0.09%-0.32%-0.29% -0.50%
CHF0.23%-0.14%0.24%0.58%0.18%0.21%0.50% 

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 US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).

Author

Christian Borjon Valencia

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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