- EUR/GBP faces rejection near the 100-day SMA breaking a seven-day winning streak.
- Better-than-expected BRC retail sales support the Pound and put pressure on it.
- Bets on more aggressive monetary policy easing by the BoE should cap and support the British pound.
The EUR/GBP cross continues its struggle to clear the 100-day SMA hurdle and finds itself in some supply on Tuesday. Prices remain depressed near the 0.8575 area during the first half of the European session and, for the moment, appear to have snapped a seven-day winning streak.
The relative performance of the British Pound (GBP) against its European counterpart could be attributed to upbeat domestic data, which showed like-for-like retail sales rose 3.2% year-on-year in March. This growth was higher than the 1.8% forecast and marked the highest growth since August 2023, which in turn is seen as a key factor putting some downward pressure on the EUR/GBP cross.
Apart from this, speculation that the European Central Bank (ECB) could soon cut interest rates amid a faster-than-expected fall in Eurozone inflation undermines the shared currency and contributes to the offered tone surrounding the pair. That said, increasing bets on at least four interest rate cuts this year by the Bank of England (BoE), starting in June, could put a cap on the Pound and lend some support to the EUR/ GBP.
This, in turn, justifies some caution before taking a bearish position in the absence of relevant economic data for Tuesday, both from the United Kingdom and the Eurozone. Meanwhile, the appearance of BoE Governor Andrew Bailey could influence the British pound and give some boost to the EUR/GBP cross. However, attention will remain focused on the UK's monthly GDP release and factory data for February, due out on Friday.
EUR/GBP
Panorama | |
---|---|
Today's Latest Price | 0.8575 |
Today's Daily Change | -0.0006 |
Today's Daily Change % | -0.07 |
Today's Daily Opening | 0.8581 |
Trends | |
---|---|
20 Daily SMA | 0.8559 |
SMA of 50 Daily | 0.8551 |
SMA of 100 Daily | 0.8584 |
SMA of 200 Daily | 0.8607 |
Levels | |
---|---|
Previous Daily High | 0.8584 |
Previous Daily Low | 0.8574 |
Previous Weekly High | 0.8586 |
Previous Weekly Low | 0.8539 |
Previous Monthly High | 0.8602 |
Previous Monthly Low | 0.8504 |
Daily Fibonacci 38.2% | 0.858 |
Daily Fibonacci 61.8% | 0.8578 |
Daily Pivot Point S1 | 0.8575 |
Daily Pivot Point S2 | 0.8569 |
Daily Pivot Point S3 | 0.8564 |
Daily Pivot Point R1 | 0.8586 |
Daily Pivot Point R2 | 0.859 |
Daily Pivot Point R3 | 0.8596 |
Source: Fx Street

I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.