- EUR/GBP fell on Thursday, although it managed to stay above the one-week low.
- Bets on a more aggressive easing of monetary policy by the Bank of England limit the Pound and lend support to the pair.
- Traders could also refrain from placing aggressive bets ahead of the ECB meeting.
EUR/GBP struggles to take advantage of the previous day's good rebound from the 0.8545 area, or one-week lows, and encounters a new offer on Thursday. Spot prices remained depressed during the early part of the European session and are currently trading around the 0.8560 area, as traders eagerly await the European Central Bank (ECB) meeting before placing new directional bets.
The ECB is expected to keep its main refinancing rate unchanged and attention will therefore turn to the new round of staff projections, which will be analyzed for clues about the timing of any next interest rate cut. . Markets have been pricing in a higher likelihood of the first rate cut coming in June, amid a faster-than-expected fall in eurozone inflation. This, in turn, weakens the common currency and puts some pressure on the EUR/GBP cross.
Therefore, the outlook, along with ECB President Christine Lagarde's comments at the post-meeting press conference, will play a key role in influencing the shared currency in the near term and provide a boost. significant to prices. As for central bank risk, rising bets that the Bank of England (BoE) will cut interest rates at least four times this year, starting in June, should limit gains in the British pound (GBP). ) and EUR/GBP losses.
Technically, the recent failure near the 100-day SMA and subsequent decline favor the bears. However, the aforementioned fundamental backdrop makes it prudent to wait for strong follow-through selling before positioning for any significant decline and eventual break through the 0.8500 psychological mark, or the yearly low touched in February. .
EUR/GBP
Panorama | |
---|---|
Today's Latest Price | 0.856 |
Today's Daily Change | -0.0006 |
Today's Daily Change % | -0.07 |
Today's Daily Opening | 0.8566 |
Trends | |
---|---|
20 Daily SMA | 0.8561 |
SMA of 50 Daily | 0.8552 |
SMA of 100 Daily | 0.8581 |
SMA of 200 Daily | 0.8607 |
Levels | |
---|---|
Previous Daily High | 0.8571 |
Previous Daily Low | 0.8547 |
Previous Weekly High | 0.8586 |
Previous Weekly Low | 0.8539 |
Previous Monthly High | 0.8602 |
Previous Monthly Low | 0.8504 |
Daily Fibonacci 38.2% | 0.8562 |
Daily Fibonacci 61.8% | 0.8556 |
Daily Pivot Point S1 | 0.8552 |
Daily Pivot Point S2 | 0.8538 |
Daily Pivot Point S3 | 0.8529 |
Daily Pivot Point R1 | 0.8576 |
Daily Pivot Point R2 | 0.8585 |
Daily Pivot Point R3 | 0.8599 |
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.