EUR/GBP Price Forecast: Rejection at 0.8370 leaves pair consolidating above 0.8350

EUR/GBP retains gains but remains capped below 0.8370.
A 20% fall in oil prices has lent the Euro some support.
Stronger UK GDP and Industrial Production figures have offered no support to the Pound.

Lower oil prices have been the main support for the Euro (EUR) as it consolidates in a slightly higher range against the British Pound (GBP) this week, though the broader trend continues to suggest limited upside. Having rebounded from last week’s lows at 0.8320, EUR/GBP has established support above 0.8350, but advances have so far stalled below 0.8370.

TMGM Analysis: Financial Market News, Economic Calendar & Market Insights

Brent Oil has fallen about 20% from last week’s highs, trading just above $90 over the past few days at its lowest levels since early September. The drop in oil prices has offered some relief to Eurozone economies, lending a measure of support to the single currency.

UK Gross Domestic Product (GDP) expanded by 0.7% in the third quarter and 1.9% year on year, matching expectations. Industrial Production and services output both grew more than forecast, yet sterling’s response to the figures has been subdued.

With few Euro Area releases scheduled for Thursday, attention will turn to European Central Bank (ECB) President Christine Lagarde’s remarks at an economic event in Paris late in the US session. Her comments are nevertheless unlikely to alter market expectations of a 25 basis point interest rate increase at the bank’s next meeting on 17 December.

Technical Analysis: Euro rebounds within the wider downtrend

Following a fall of more than 3% in October, EUR/GBP remains in a broader bearish trend, although its near-term outlook is broadly neutral at 0.8358. The 4-hour momentum signals offer no clear directional bias: the Relative Strength Index (14) remains above its 50 midpoint, but the Moving Average Convergence Divergence (MACD) has edged into negative territory.

A move above Wednesday’s high at 0.8370 and the 28 October high near 0.8380 would be needed for bulls to target the 26 October high around 0.8400. Conversely, a bearish move below Wednesday’s low at 0.8350 would put the lows of 6 and 9 November, near 0.8335, back in view.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Pound Sterling Performs Best Against the Australian Dollar Today

Today’s percentage moves in the British Pound (GBP) against the major currencies listed are set out below. Sterling recorded its strongest performance against the Australian Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.00%	0.07%	-0.08%	-0.02%	0.32%	0.02%	-0.12%
EUR	-0.01%		0.06%	-0.11%	-0.04%	0.32%	-0.00%	-0.13%
GBP	-0.07%	-0.06%		-0.15%	-0.10%	0.26%	-0.05%	-0.20%
JPY	0.08%	0.11%	0.15%		0.05%	0.40%	0.08%	-0.05%
CAD	0.02%	0.04%	0.10%	-0.05%		0.35%	0.03%	-0.10%
AUD	-0.32%	-0.32%	-0.26%	-0.40%	-0.35%		-0.30%	-0.45%
NZD	-0.02%	0.00%	0.05%	-0.08%	-0.03%	0.30%		-0.11%
CHF	0.12%	0.13%	0.20%	0.05%	0.10%	0.45%	0.11%

Percentage movements between the major currencies are displayed in the heat map. Select the base currency in the left-hand column and the quote currency in the top row. For instance, choosing the British Pound on the left and following that row across to the US Dollar gives the percentage change for GBP (base)/USD (quote).