EUR/GBP steady above 0.8700, maintains its neutral bias below 0.8800

  • Euro reversal from 0.8789 finds support above 0.8700.
  • The EUR/USD remains trapped between 0.8700 and 0.8800 for the fourth week in a row.
  • On the mid-term, FX analysts at Rabobank see the euro breaking the channel upwards.

The euro’s reversal from Thursday’s high at 0.8789 has been contained above 0.8800 on Friday which leaves the pair moving sideways, trapped within a 100 pip range for the fourth consecutive week.

EUR/GBP remains neutral with euro and pound underperforming

The EUR/GBP remains trading sideways reflecting the overall weakness of the euro ad British pound. The common currency has been hit by the German high court ruling, calling the ECB to justify bond purchases which has triggered concerns about the Bank’s monetary policy plans to shore up the EU economy.

The pound, however, has failed to take advantage of a softer euro. With the UK lagging most European countries to start easing COVID-19 restrictions and with Brexit uncertainty still looming, UK’s mid-term economic outlook remains shady. This is weighing the pound across the board.

FX analysts at Rabobank see the pound vulnerable in the mid-term

According to the Rabobank FX analysts’ team, the current standoff could end with the euro breaking higher, “Given concerns that the future arrangements between the UK and the EU may not be resolved by June, we expect GBP to be under pressure. We see EUR/GBP at 0.88 on a 1 to 3-month view with upside risk.”

EUR/GBP Key levels to watch


Today last price 0.8738
Today Daily Change -0.0029
Today Daily Change % -0.33
Today daily open 0.8767
Daily SMA20 0.8738
Daily SMA50 0.8842
Daily SMA100 0.8655
Daily SMA200 0.8721
Previous Daily High 0.879
Previous Daily Low 0.8709
Previous Weekly High 0.8796
Previous Weekly Low 0.8671
Previous Monthly High 0.8911
Previous Monthly Low 0.8671
Daily Fibonacci 38.2% 0.8759
Daily Fibonacci 61.8% 0.874
Daily Pivot Point S1 0.872
Daily Pivot Point S2 0.8674
Daily Pivot Point S3 0.8639
Daily Pivot Point R1 0.8801
Daily Pivot Point R2 0.8836
Daily Pivot Point R3 0.8883





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.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

AUD/USD regains traction to 0.7800 on upbeat Australian trade numbers, ignores soft Retail Sales

AUD/USD picks up bids from the intraday low on strong trade data. The quote extends bounce off 0.7752 following the upbeat trade figures for January while also paying a little heed to the soft Retail Sales figure for the stated month.


GBP/USD: Drops towards 1.3900 on the way to two-week-old support line

GBP/USD teases intraday low of 1.3921, currently down 0.14% around 1.3932, during Thursday’s Asian session. In doing so, the cable stretches the pullback from a one-week-old resistance line as MACD recedes bullish bias.


Gold: Bears looking to test bull's commitments at $1,698

The gold price is no longer showing signs of an immediate advance back to test $1,760. Instead, gold failed to extend beyond $1,740 and printed a fresh low to $1,702 as the US dollar and yields came up for air.

Gold News

Dogecoin price on the brink of a 40% explosion towards $0.07

Dogecoin price has been trading sideways for the past two days and inside a downtrend since its new all-time high of $0.087 on February 7. Now, the favorite canine-cryptocurrency is ready for a new leg up.

Read more

DXY continues to gain on Wednesday, eyes 91.60

US dollar firm and approaching Feb 4th highs from a significant technical support structure. US economy moderately gathering pace according to the Fed's Beige Book.

US Dollar Index News