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Euro holds mid-0.8500s against pound as Germany data eyed

EUR/GBP stayed capped below 0.8580 and traded around 0.8559, with a mild bearish tone flagged by RSI and nearby moving-average levels.

Reported · Written up by our desk · Major Pairs

The euro paused against the pound on Monday, with EUR/GBP holding in the mid-0.8500s after struggling to push up toward 0.8580 last week, according to FXStreet.

FXStreet pointed to a lack of immediate UK catalysts, while the next near-term driver is expected to come from Germany, where second-quarter GDP is due on Tuesday along with the IFO Business surveys. The outlet cited expectations for the IFO Business Climate index to rise to 87.2 in August from 86.6, alongside higher readings in both the current-conditions and expectations components.

With ECB versus Bank of England expectations still shaping the cross, FXStreet said sterling was firm enough for now to limit any euro rebound. The pair was also described as technically range-bound, with EUR/GBP around 0.8559 on the 4-hour chart near the 100-period simple moving average, while remaining capped under the 20-period SMA at 0.8567.

FXStreet also highlighted nearby levels, noting resistance around 0.8560 to 0.8561 and support around 0.8554, ahead of 0.8551, where a break could signal a deeper pullback within the current range.

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