EUR/GBP trades in a tight range ahead of UK jobs data
EUR/GBP is holding a narrow band around the mid-0.8500s with little conviction in either direction. At the time of writing, the cross is close to flat on the day.
EUR/GBP is trading within a narrow range near the mid-0.8500 level, showing little directional conviction. The European Central Bank recently increased interest rates, and markets anticipate another hike at the September meeting, driven by persistent energy-driven inflation. Iran has shifted its stance from defensive to offensive, warning of potential escalation in tensions if diplomacy fails.
For Sterling, the UK jobs report on Tuesday is the primary focus, with Average Earnings and Bank of England inflation data being closely watched. Germany's ZEW sentiment surveys are less important for this currency pair. On the 4-hour chart, EUR/GBP is at 0.8546, below both the 20-period and 100-period SMAs, indicating a mildly bearish near-term trend.
The price has rejected near the pivot band at 0.8546, and the RSI suggests fading upside attempts. Initial resistance is at the 20-period SMA (0.8547) and the horizontal barrier at 0.8548. Support lies at 0.8544, with a potential break exposing the next minor floor at 0.8543.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
