EUR/GBP sees ten-week lows near 0.8580 as Euro extends declines agaisnt the Pound Sterling


  • The EUR/GBP is extending into a seventh-straight day of losses as the Euro waffles.
  • Eurozone data continues to build support for a dovish-leaning ECB.
  • ECB President Lagarde to speak again on Monday.

The Euro (EUR) has accelerated declines against the Pound Sterling (GBP) in Friday trading, tumbling out of a near-term descending channel. The EUR/GBP tested 0.8580 during the US Friday market session with the Euro down nearly six-tenths of a percent against the Pound Sterling on the day.

The EUR is staring down the barrel of seven straight down days against the GBP, and the EUR/GBP has shed over 2% from mid-November’s peak bids near 0.8765. The Euro is on pace to see its worst consecutive-day performance in 2023, with the EUR/GBP set to close in the red for all but one of the last ten consecutive trading days.

The GBP is no stranger to flopping economic data, but this week’s dovish European Central Bank (ECB) showings is highlighting the Eurozone’s wobbling data releases on the economic calendar.

Eurozone inflation slipped faster than expected this week after the European Core Harmonized Index of Consumer Prices (HICP) printed below-forecast on Thursday, with the YoY figure for the annualized period into November slipping to 3.6% against the forecast 3.9%, extending a decline from October’s YoY print of 4.2%.

ECB's President Lagarde: Central bank to discuss QT in the “not too distant future”

ECB President Christine Lagarde made an appearance earlier in the week highlighting just how dovish the ECB has rotated in recent weeks, expressing the sentiment that quantitative easing could soon be back on the table for the Euro.

Next week will kick things off with yet another appearance from ECB President Lagarde on Monday, who will be speaking specifically about monetary policy at the Academy of Moral and Political Sciences, in Paris.

The UK follows up on Tuesday with BRC Like-For-Like Retail Sales for the year into November, forecast to tick down slightly from 2.6% to 2.5%. After that will be Eurozone Producer Price Index (PPI) figures, and the MoM number in October is expected to confirm a decline from September’s 0.5% to a nearly-flat 0.2%.

EUR/GBP Technical Levels

The EUR/GBP's bearish acceleration on Friday sends the pair tumbling out of a near-term descending channel from last week's high bids near 0.8760, and the pair easily slipped below the 0.8600 handle in Friday trading.

Intraday action has been steadily capped by the 50-hour Simple Moving Average (SMA) through most of the week's trading, and a seven-straight-day decline on the daily candlesticks sees the EUR/GBP falling away from the 200-day SMA at 0.8680.

The 50-day SMA barely had a chance to confirm a bullish crossover of the 200-day SMA before rotating back into a bearish stance, and the shorter-term moving average will be capping off any technical recoveries from ten-week lows.

EUR/GBP Hourly Chart

EUR/GBP Daily Chart

EUR/GBP Technical Levels

EUR/GBP

Overview
Today last price 0.8578
Today Daily Change -0.0045
Today Daily Change % -0.52
Today daily open 0.8623
 
Trends
Daily SMA20 0.8702
Daily SMA50 0.8688
Daily SMA100 0.864
Daily SMA200 0.8677
 
Levels
Previous Daily High 0.865
Previous Daily Low 0.8614
Previous Weekly High 0.8765
Previous Weekly Low 0.8672
Previous Monthly High 0.8766
Previous Monthly Low 0.8614
Daily Fibonacci 38.2% 0.8628
Daily Fibonacci 61.8% 0.8636
Daily Pivot Point S1 0.8608
Daily Pivot Point S2 0.8593
Daily Pivot Point S3 0.8572
Daily Pivot Point R1 0.8644
Daily Pivot Point R2 0.8664
Daily Pivot Point R3 0.8679

 

 

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 stays defensive below 1.0500 amid light trading

EUR/USD stays defensive below 1.0500 amid light trading

EUR/USD struggles to capitalize on recent upside and oscillates in a narrow range below 1.0500 in European trading on Monday. However, the pair's downside remains cushioned by persistent US Dollar weakness and an upbeat mood. Focus shifts to central bank talks. 

EUR/USD News
GBP/USD ranges near 1.2600 as US Dollar steadies

GBP/USD ranges near 1.2600 as US Dollar steadies

GBP/USD keeps its range near 1.2600 in the early European session on Monday. The pair stays support amid a subdued US Dollar price action following Friday's disappoining US Retail Sales data. Thin trading is likely to extend as US markets are closed in observance of Presidents' Day. 

GBP/USD News
Gold: Bulls have the upper hand near $2,900 amid trade war fears and weaker USD

Gold: Bulls have the upper hand near $2,900 amid trade war fears and weaker USD

Gold regained positive traction on Monday amid sustained USD weakness. Concerns about Trump’s tariffs further benefit the safe-haven XAU/USD pair. The fundamental and technical setup underpin prospects for additional gains. 

Gold News
Five fundamentals for the week: Peace talks, Fed minutes and German election stand out

Five fundamentals for the week: Peace talks, Fed minutes and German election stand out Premium

US President Donald Trump remains prominent, especially in a week when high-level peace talks kick off. Nevertheless, the Commander-in-Chief competes with the world's most powerful central bank, and other events are of interest as well.

Read more
Tariffs likely to impart a modest stagflationary hit to the economy this year

Tariffs likely to impart a modest stagflationary hit to the economy this year

The economic policies of the Trump administration are starting to take shape. President Trump has already announced the imposition of tariffs on some of America's trading partners, and we assume there will be more levies, which will be matched by foreign retaliation, in the coming quarters.

Read more
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures

Best Brokers of 2025