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.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.24% | -0.05% | 0.43% | -0.04% | -0.05% | 0.28% | -0.23% | |
| EUR | 0.24% | 0.36% | 0.77% | 0.32% | 0.35% | 0.64% | 0.14% | |
| GBP | 0.05% | -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% | |
| CAD | 0.04% | -0.32% | 0.05% | 0.48% | 0.01% | 0.32% | -0.18% | |
| AUD | 0.05% | -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% | |
| CHF | 0.23% | -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).
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.