Key Moments
- EUR/GBP pulled back from Thursday’s high just below 0.8580 and was last seen around 0.8570, still marginally higher on the week.
- Rabobank continues to project a move toward 0.8700 over a 3-month horizon, expecting a mildly positive bias for EUR/GBP later in the year.
- Key resistance remains at 0.8585, with important support clustered between 0.8545 and 0.8530.
Range-Bound Trading Ahead of Jackson Hole Speech
The Euro (EUR) is posting modest losses against the British Pound (GBP), with EUR/GBP trading within the prior day’s range and overall volatility subdued. Market participants are cautious as they await Federal Reserve Chairman Kevin Warsh’s appearance at the Jackson Hole gathering.
After reaching highs just under 0.8580 on Thursday, the cross has slipped back toward 0.8570. Despite this intraday softening, the weekly performance still shows slight gains for the pair.
Rabobank Outlook: Mild Upside Bias Over Coming Months
Analysts at Rabobank anticipate that EUR/GBP will continue to oscillate within a range in the near term. They note that “further range trading in EUR/GBP over the coming weeks, with a mild upside bias later in the year as fiscal realism weighs and BoE rate hike risk is further priced out.” Reflecting this stance, the bank adds it “maintain[s] a 3-month EUR/GBP forecast of 0.87.”
Technical Picture: Resistance Caps Gains Around 0.8585
Since topping out at 0.8585 in late July, EUR/GBP has moved sideways in a choppy pattern. The pair is currently quoted at 0.8572 after another failed attempt to break above the 0.8580 region earlier in the week, signaling that bullish momentum is losing strength in the short term.
On the 4-hour chart, momentum gauges are softening toward neutral territory. The Relative Strength Index (RSI) sits near 57, while the Moving Average Convergence Divergence (MACD) indicator is only slightly above the zero line. The MACD line is attempting to cross below the Signal line, which is interpreted as a bearish development.
Selling pressure has so far been limited above the 0.8570 zone, but the next significant support level is the August 25 low around 0.8545. Below that, additional support is aligned with the late July and mid-August troughs in the 0.8530 area.
On the topside, buyers need to clear the 0.8585 barrier – corresponding to the July 30 and August 20 highs – to open the way toward a former support band just above 0.8600, associated with the June 24 and June 30 highs.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Euro Performance Against Major Currencies
The following table presents the intraday percentage changes of the Euro (EUR) against a set of major currencies. According to this snapshot, the Euro has shown its strongest relative performance versus the Japanese Yen (JPY).
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.05% | 0.03% | 0.06% | -0.01% | -0.04% | -0.17% | 0.04% | |
| EUR | -0.05% | -0.01% | 0.04% | -0.06% | -0.09% | -0.20% | -0.00% | |
| GBP | -0.03% | 0.01% | 0.04% | -0.06% | -0.09% | -0.18% | 0.02% | |
| JPY | -0.06% | -0.04% | -0.04% | -0.08% | -0.10% | -0.24% | -0.03% | |
| CAD | 0.00% | 0.06% | 0.06% | 0.08% | -0.03% | -0.16% | 0.05% | |
| AUD | 0.04% | 0.09% | 0.09% | 0.10% | 0.03% | -0.12% | 0.05% | |
| NZD | 0.17% | 0.20% | 0.18% | 0.24% | 0.16% | 0.12% | 0.21% | |
| CHF | -0.04% | 0.00% | -0.02% | 0.03% | -0.05% | -0.05% | -0.21% |
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