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EUR/GBP Price Forecast: Testing two-week lows at 0.8630 as bearish pressure grows

  • EUR/GBP hesitates above 0.8630, two-week lows, awaiting the ECB's decision.
  • Mixed German macroeconomic data have failed to support the Euro.
  • The pair has broken the base of a triangle pattern, hinting at a downside continuation.

The Euro (EUR) trades lower against the British Pound (GBP) on Tuesday, with bears testing support at two-week lows in the area of 0.8630, and bearish momentum building up. Mixed data from Germany has failed to provide support to the pair, although hopes that the European Central Bank (ECB) will hike rates on Thursday are keeping the Euro from depreciating further.

Data released earlier in the day revealed that German Industrial Production bounced back in April, following two consecutive contractions, while the trade surplus narrowed moderately, contrary to expectations. The data had minimal impact on Euro crosses.

Later on the day, ECB President Christine Lagarde is likely to confirm that the bank will hike rates on Thursday, pressured by the soaring inflationary levels. In the UK, the focus will be on the monthly Gross Domestic Product (GDP) and Manufacturing Production figures, due on Friday.

Technical Analysis: Bears pierce the base of the triangle

Chart Analysis EUR/GBP

EUR/GBP trades at 0.8634, sitting just above two-week lows at 0.8630, after breaching the base of a symmetrical triangle pattern, which is holding bulls right now. Momentum indicators in the 4-hour chart endorse the bearish view, with the Relative Strength Index (RSI) hovering in the low 40s and the Moving Average Convergence Divergence (MACD) at treading within negative territory.

A break of the support level around 0.8630, which has held bears several times in June, brings the 2026 lows in the area of 0.8610-0.8620 into focus. On the upside, the reverse trendline, now at 0.8637, is capping upside attempts. If price action returns above that level, the June 4 and 5 highs, at 0.8655 and the triangle top, now at 0.8665, would be the next targets.

(The technical analysis of this story was written with the help of an AI tool.)

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-0.27%-0.42%-0.02%-0.15%-0.16%-0.43%-0.19%
EUR0.27%-0.11%0.30%0.13%0.16%-0.13%0.12%
GBP0.42%0.11%0.41%0.27%0.25%-0.00%0.23%
JPY0.02%-0.30%-0.41%-0.14%-0.15%-0.42%-0.17%
CAD0.15%-0.13%-0.27%0.14%-0.01%-0.27%-0.03%
AUD0.16%-0.16%-0.25%0.15%0.01%-0.26%-0.02%
NZD0.43%0.13%0.00%0.42%0.27%0.26%0.24%
CHF0.19%-0.12%-0.23%0.17%0.03%0.02%-0.24%

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

Guillermo Alcala

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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