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EUR/GBP stays rangebound around the mid-0.8500s

Eurozone GDP growth of 0.4% in Q2 matched expectations, and EUR/GBP hovered near resistance around 0.8550 without a breakout.

Reported · Written up by our desk · Major Pairs

EUR/GBP remained trapped in a tight trading range around the mid-0.8500s on Friday, with little change on the day. FXStreet notes the pair had been moving sideways for several sessions as neither side produced an outlook-shifting data surprise.

The latest Eurozone releases landed close to forecasts, leaving traders with few reasons to alter positioning. Eurozone GDP grew 0.4% in the second quarter, matching expectations, and the annual rate was 1%, while employment rose 0.1% on the quarter, also as forecast.

The technical picture pointed to consolidation rather than a directional break. On the 4-hour chart, EUR/GBP traded near 0.8548, capped by nearby resistance around 0.8549 to 0.8550, where the 100-period simple moving average sits at 0.8557, while price held slightly above the 20-period SMA near 0.8545.

FXStreet also linked the lack of conviction to broader macro uncertainty, noting the Middle East war is keeping a hand on energy prices and, through that channel, the inflation outlook the ECB is weighing. Until that picture clarifies, traders have little basis to push EUR/GBP out of its established range.

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