- EUR / GBP remains stable and in range around 0.8550 on Wednesday.
- Thursday’s UK GDP data could reinfuse some volatility.
It has been a quiet session so far for him. EUR/GBP, with today’s forex market largely focused on broader macro issues (such as higher-than-expected US inflation) that have had little impact on the relative strength of the euro and the British pound to each other. Therefore, the trading conditions have remained in range, with the pair going sideways within 0.8530-0.8560. At the time of writing, the pair is trading at 0.8554, up only 0.02% on the day.
Things could pick up a bit on Thursday with the release of the UK’s preliminary Q3 GDP estimate at 7:00 GMT. Investors await the data to see if the EUR / GBP’s recent pullback since it rejected its 200-day moving average in the 0.8580 region is not over yet. The 0.8560 level also seems to have formed a bit of a ceiling in the last two sessions. and EUR / GBP could find current levels attractive to push the pair back to weekly lows at the 21-day SMA around 0.8520.
EUR / GBP technical levels
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