EUR/GBP Price Forecasts: Bulls push against 0.8644 highs amid higher risk appetite
- EUR/GBP bulls test one-week highs in the area of 0.8645 amid improved market sentiment.
- News of a peace deal between the US and hawkish comments from ECB speakers are buoying the Euro.
- The technical picture shows signs of bottoming at 0.8620.
The Euro (EUR) shows a positive stance against the British Pound (GBP) on Monday, with bulls pushing toward one-week highs in the 0.8645 area. A higher appetite for risk, following news of a peace deal between the US and Iran and hawkish comments from European Central Bank (ECB) policymakers, is boosting the common currency across the board.
Market sentiment improved on Monday following news that Washington and Tehran had reached a memorandum of understanding to end the war in Iran and reopen the Strait of Hormuz. Oil prices have dropped to their lowest level in three months, providing some relief for Eurozone economies.
Beyond that, ECB officials Martins Kazaks and Joachim Nagel have expressed concern about ongoing inflationary pressures, fueling hopes of further monetary tightening and providing additional support to the EUR.
In the UK, the Bank of England (BoE) will release its monetary policy decision later this week. Investors will be looking at the vote split and the bank’s minutes for further insight into the bank’s forward guidance, but so far, monetary tightening is off the table for the foreseeable future.
Technical Analysis: Initial signs of bottoming
EUR/GBP trades right above 0.8640, holding a mildly bullish near-term tone as it hovers just under the top of last week's trading range. The higher low printed last week and Monday's positive trend suggest that the pair might be forming a bottom at the 0.8620 area.
Momentum indicators in 4-hour charts have turned positive, with the Relative Strength Index (RSI) nearing 60 and the Moving Average Convergence Divergence (MACD) indicator popping up into positive territory, suggesting a modest recovery bias rather than aggressive upside momentum.
Bulls need to break and confirm above the June 11 high, at 0.8644, and the June 4 and 5 highs between 0.8655 and 0.8660 to confirm a positive reversal and shift the focus towards the late May high, near 0.8680. On the downside, key support is around the mentioned 0.8620, an area that has capped bears several times in May and June, and guards the year-to-date low of 0.8612.
(The technical analysis of this story was written with the help of an AI tool.)
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 | -0.35% | -0.19% | -0.08% | -0.15% | -0.40% | -0.27% | -0.48% | |
| EUR | 0.35% | 0.16% | 0.30% | 0.22% | -0.06% | 0.10% | -0.14% | |
| GBP | 0.19% | -0.16% | 0.13% | 0.05% | -0.24% | -0.05% | -0.31% | |
| JPY | 0.08% | -0.30% | -0.13% | -0.06% | -0.34% | -0.22% | -0.43% | |
| CAD | 0.15% | -0.22% | -0.05% | 0.06% | -0.26% | -0.14% | -0.36% | |
| AUD | 0.40% | 0.06% | 0.24% | 0.34% | 0.26% | 0.15% | -0.05% | |
| NZD | 0.27% | -0.10% | 0.05% | 0.22% | 0.14% | -0.15% | -0.24% | |
| CHF | 0.48% | 0.14% | 0.31% | 0.43% | 0.36% | 0.05% | 0.24% |
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).
Nothing in this material constitutes investment advice, personal recommendation, investment research, an offer, or a solicitation to buy or sell any financial instrument. The content has been prepared without consideration of your individual investment objectives, financial situation, or needs, and should not be treated as such.
Past performance is not a reliable indicator of future performance and/or results. Forward-looking scenarios or forecasts are not a guarantee of future performance. Actual results may differ materially from those anticipated.
Mitrade makes no representation or warranty as to the accuracy or completeness of the information provided and accepts no liability for any loss arising from reliance on such information.
Recommended Articles
