EUR/GBP Price Forecast: Is the Euro stalling near 0.8350 as the Pound strengthens?

Resistance around 0.8365 continues to restrict EUR/GBP, even as support holds above 0.8300.
The Pound's downside remains limited as markets anticipate a BoE interest rate increase on Thursday.
Bearish momentum is weakening on the charts, although buyers have yet to emerge.

EUR/GBP remains confined to a 40-pip band at 0.8330, just above 18-month lows, as expectations of a Bank of England (BoE) interest rate increase on Thursday support the British Pound (GBP). The Euro (EUR) is nearly unchanged against the Pound on Monday, although both currencies have gained sharply against the US Dollar (USD) following the US midterm election results.

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

Pressure on the European Central Bank (ECB) to tighten monetary policy further over the coming months increased after preliminary Eurozone data released on Wednesday showed consumer inflation reaching a three-year high in October. The inflation reading counterbalanced the downward revision to October's HCOB Services Purchasing Managers Index (PMI) published earlier in the day.

Thursday's BoE decision remains the focus in the UK, with the central bank widely expected to lift its Bank Rate by 25 basis points to 4%. Although the final UK S&P Global Services PMI was revised down as well, the Pound saw little reaction.

Technical Analysis: Can EUR/GBP find direction within the 0.8320–0.8365 range?

At 0.8347, EUR/GBP sits midway within the 0.8320–0.8365 band that has contained trading over the past few days. On the 4-hour chart, momentum signals range from neutral to bullish: the Relative Strength Index (14) is approaching the 50 midpoint, while the Moving Average Convergence Divergence (MACD) is slightly positive. Yet Doji candles on the daily chart point to continued market indecision.

A break above the October 30 and November 2 highs near 0.8365 is needed for bulls to confirm a larger correction towards the October 26 high around 0.8400. Any renewed selling is likely to face a test in the zone bounded by Tuesday's 0.8330 low and the late March 2025 lows at 0.8315. Below that zone, the February 2025 low near 0.8250 stands out as a possible target.

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

How Is Pound Sterling Performing Today?

The British Pound (GBP) recorded its strongest performance against the US Dollar today. Its percentage moves against the major currencies listed are set out in the table below.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.51%	-0.52%	-0.16%	-0.35%	-0.66%	-0.29%	-0.42%
EUR	0.51%		-0.01%	0.34%	0.14%	-0.17%	0.22%	0.09%
GBP	0.52%	0.01%		0.36%	0.17%	-0.13%	0.23%	0.09%
JPY	0.16%	-0.34%	-0.36%		-0.18%	-0.50%	-0.14%	-0.26%
CAD	0.35%	-0.14%	-0.17%	0.18%		-0.31%	0.05%	-0.08%
AUD	0.66%	0.17%	0.13%	0.50%	0.31%		0.36%	0.24%
NZD	0.29%	-0.22%	-0.23%	0.14%	-0.05%	-0.36%		-0.12%
CHF	0.42%	-0.09%	-0.09%	0.26%	0.08%	-0.24%	0.12%

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. To read GBP (base)/USD (quote), for instance, choose the British Pound on the left and follow that row across to the US Dollar column; the intersecting cell gives the percentage change.