EUR/GBP rebounds above 0.8450 ahead of Eurozone Industrial Production data
13.06.2024, 06:56

EUR/GBP rebounds above 0.8450 ahead of Eurozone Industrial Production data

  • EUR/GBP trades with a bullish bias around 0.8455 in Thursday’s early European session. 
  • The weaker UK economic reports create a tailwind for the cross. 
  • The lower bets on another interest rate cut from the ECB in July cap the pair’s downside. 

The EUR/GBP cross extends the recovery to 0.8455 during the early European session on Thursday. The cross bounced off the lowest level since August 2022 near 0.8418 as the stagnant UK monthly Gross Domestic Product (GDP) number and weaker Industrial Production data for April dragged the Pound Sterling (GBP) lower against the Euro (EUR). 

On Wednesday, published by the Office for National Statistics (ONS) showed that the UK economy stagnated in April after growing 0.4% in March. The figure was in line with the market expectations. Meanwhile, UK Industrial Production dropped  0.9% MoM in April from a 0.2% increase in March, worse than the estimation of -0.1%.  

On the Euro front, the hawkish cut from the European Central Bank (ECB) seems to underpin the shared currency as ECB  President Christine Lagarde cooled down expectations for another interest rate cut in July and preferred to wait for upcoming data. Later on Thursday, the Eurozone Industrial Production for April will be published, which is expected to rise 0.2% on a monthly basis from 0.6% in March. The weaker sign of the manufacturing sector in the Eurozone might weigh on the EUR and cap the upside for the EUR/GBP cross. 

EUR/GBP

Overview
Today last price 0.8454
Today Daily Change 0.0008
Today Daily Change % 0.09
Today daily open 0.8446
 
Trends
Daily SMA20 0.8508
Daily SMA50 0.8548
Daily SMA100 0.8548
Daily SMA200 0.8599
 
Levels
Previous Daily High 0.8452
Previous Daily Low 0.8418
Previous Weekly High 0.8536
Previous Weekly Low 0.8489
Previous Monthly High 0.8621
Previous Monthly Low 0.8484
Daily Fibonacci 38.2% 0.8439
Daily Fibonacci 61.8% 0.8431
Daily Pivot Point S1 0.8425
Daily Pivot Point S2 0.8405
Daily Pivot Point S3 0.8392
Daily Pivot Point R1 0.8459
Daily Pivot Point R2 0.8472
Daily Pivot Point R3 0.8493

 

 

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