EUR/GBP saw some upward movement on Wednesday but failed to sustain momentum.
UK inflation data showed a slight increase in February but failed to impact the market significantly.
Traders await the Bank of England (BoE) meeting on Thursday for clearer direction.
After UK consumer inflation figures were released, EUR/GBP saw a slight uptick to around 0.8555-0.8560. However, the currency pair remained within the range it has held since the start of the month.

The Office for National Statistics (ONS) reported that UK headline CPI increased by 0.6% in February, slightly higher than the previous month’s decrease of 0.6% but in line with consensus estimates. However, the yearly rate dropped from 4.0% in January to 3.4% in February, the lowest since September 2021.

Core CPI also fell from 5.1% YoY to 4.5% in February, missing expectations. These figures, coupled with the technical recession in the UK in the fourth quarter, have raised speculation about an early rate cut by the Bank of England (BoE). This sentiment has weakened the British Pound (GBP) and provided some support to EUR/GBP.

Despite the higher inflation, the UK’s figures remain well above the BoE’s 2.0% target, which has helped limit GBP losses. However, the Euro (EUR) remains under pressure amid expectations that the European Central Bank (ECB) may begin cutting interest rates in June. This dynamic has also capped gains for EUR/GBP.

Traders are cautious and prefer to wait for clearer signals from the BoE’s policy meeting on Thursday before making significant moves. It’s advisable to watch for a sustained breakout from the current trading range before considering further market positions.


Today last price0.8549
Today Daily Change0.0008
Today Daily Change %0.09
Today daily open0.8541
Daily SMA200.8547
Daily SMA500.8552
Daily SMA1000.8605
Daily SMA2000.8608
Previous Daily High0.8556
Previous Daily Low0.8532
Previous Weekly High0.856
Previous Weekly Low0.8504
Previous Monthly High0.8578
Previous Monthly Low0.8498
Daily Fibonacci 38.2%0.8547
Daily Fibonacci 61.8%0.8542
Daily Pivot Point S10.853
Daily Pivot Point S20.852
Daily Pivot Point S30.8507
Daily Pivot Point R10.8554
Daily Pivot Point R20.8567
Daily Pivot Point R30.8578

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