Euro is looking for direction against the British Pound, with all eyes on BoE decision
- EUR/GBP edges up to levels near 0.8350 but remains trapped within previous day's ranges.
- Lower Oil prices support the Euro, but investors are wary of selling the Pound ahead of the BoE's monetary policy decision.
- The technical picture shows recent price action forming a small triangle pattern.
The Euro (EUR) ticks up against the British Pound (GBP) on Thursday but remains within previous days’ ranges as investors await the outcome of the Bank of England’s (BoE) monetary policy meeting, due later on Thursday, to make investment decisions. The EUR/GBP trades at 0.8344, with recent price action forming a small triangle pattern.
The BoE is widely expected to hike its Bank Rate by 25 basis points to 4% after Thursday’s meeting, which has kept the Pound buoyed against its main peers over the last few weeks. The bank, however, might dampen hopes of further monetary tightening ahead, which would disappoint markets and might send the Pound tumbling.
The Euro, on the other hand, is drawing support from the sharp decline in Oil prices, although the lower-than-expected German Factory Orders released on Thursday have put a lid on the common currency’s recovery.
Technical Analysis: EUR/GBP is forming a small triangle pattern
EUR/GBP trades at 0.8345, consolidating losses after plunging more than 3% in the previous five weeks, with price action trending towards the tip of a symmetrical triangle pattern. Momentum is balanced, with the Relative Strength Index (14) on four-hour charts hovering just under the 50 mark and the Moving Average Convergence Divergence (MACD) moderately positive, suggesting only modest bullish pressure.
Bulls should break the triangle cap around 0.8350, and the resistance levels of 0.8363 (November 2 high) and 0.8380 (October 28 high) to confirm a bullish correction. On the downside, the triangle bottom lies around 0.8335, but the key support is at the October 30 low near 0.8320. A bearish reaction below here would bring the late March 2025 lows at 0.8315 into focus, ahead of the February 2025 low, near 0.8250.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Euro Price Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.11% | -0.01% | -0.13% | -0.05% | -0.06% | -0.23% | -0.03% | |
| EUR | 0.11% | 0.09% | -0.05% | 0.05% | 0.04% | -0.13% | 0.06% | |
| GBP | 0.01% | -0.09% | -0.15% | -0.04% | -0.06% | -0.21% | -0.03% | |
| JPY | 0.13% | 0.05% | 0.15% | 0.08% | 0.08% | -0.11% | 0.09% | |
| CAD | 0.05% | -0.05% | 0.04% | -0.08% | -0.00% | -0.18% | 0.00% | |
| AUD | 0.06% | -0.04% | 0.06% | -0.08% | 0.00% | -0.15% | 0.01% | |
| NZD | 0.23% | 0.13% | 0.21% | 0.11% | 0.18% | 0.15% | 0.21% | |
| CHF | 0.03% | -0.06% | 0.03% | -0.09% | -0.01% | -0.01% | -0.21% |
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
FXStreet
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.
