0.8350: EUR/GBP Price Forecast Highlights Consolidation Above This Level Following Rejection at 0.8370

0.8370 remains out of reach as EUR/GBP maintains its higher trading range.
A 20% fall in oil prices has provided some backing for the Euro.
Stronger UK GDP and Industrial Production figures have offered no lift to the Pound.

0.8350 is holding as support for EUR/GBP. After recovering from last week's lows at 0.8320, the Euro (EUR) is consolidating in a slightly higher range against the British Pound (GBP) this week. Cheaper oil has been the main source of support, but the broader outlook remains constrained, with advances so far stalling below 0.8370.

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

Brent Oil has fallen about 20% from last week's highs. Over the past few days, it has traded just above $90, its lowest level since early September. The retreat in oil prices offers some relief to Eurozone economies and has lent the common currency a measure of support.

UK Gross Domestic Product (GDP) expanded 0.7% in the third quarter and 1.9% year on year, matching expectations. Industrial Production and services output both exceeded forecasts. Sterling's response to the economic figures has nevertheless been limited.

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

Technical Analysis: 0.8358 EUR/GBP rebound leaves broader downtrend intact

At 0.8358, EUR/GBP has a broadly neutral near-term bias, although the wider downtrend remains in place following October's fall of more than 3%. Signals from the 4-hour momentum indicators diverge. The Relative Strength Index (14) remains above its 50 midpoint, but the Moving Average Convergence Divergence (MACD) has edged into negative territory. Together, they point to no clear directional bias.

A move beyond Wednesday's high of 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 of 0.8350 would put the 6 and 9 November lows near 0.8335 back in focus.

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

Pound Sterling: Today's Currency Performance

Today's percentage moves in the British Pound (GBP) against the major currencies listed appear in the table below. Sterling's strongest performance was 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) in the corresponding cell.