EUR/GBP rebounds from the nine-month low of 0.8496 recorded on Monday, trading around 0.8520 during the European session on Tuesday. European Central Bank (ECB) Executive Board member Isabel Schnabel said at the 2024 BOJ-IMES Conference on Tuesday that Quantitative Easing (QE) may have weakened the transmission of monetary policy during the recent tightening cycle. In a bank-based economy, targeted longer-term refinancing operations can provide substantial support with a smaller footprint.Investors are likely awaiting the inflation surveys due later in the day for cues on the ECB’s monetary policy outlook. Additionally, German Consumer Price Index (CPI) inflation figures are scheduled for release on Wednesday, with markets expecting Germany’s economy to grow by only 0.2% month-over-month (MoM) in May, compared to the previous 0.5%. In the United Kingdom (UK), the annual inflation rate moderated to 2.3% in April, edging closer to the Bank of England’s (BoE) target of 2%. This moderation has tempered expectations of a rate cut in June among investors, which could support the Pound Sterling (GBP) and undermine the EUR/GBP cross.The Pound Sterling (GBP) gains momentum as traders anticipate that the Bank of England (BoE) will maintain its borrowing costs for longer to cool inflation. Moreover, UK Prime Minister Rishi Sunak called for general elections on July 4. Bloomberg reported on Friday that Citigroup strategist Jamie Searle said that the UK election in July will “further reduce the chance of a near-term BoE cut,” adding that it lowers the risk of a later election interfering with the BoE cycle and allows the focus to remain on data-dependency. EUR/GBP

OVERVIEW Today last price 0.8517 Today Daily Change 0.0015 Today Daily Change % 0.18 Today daily open 0.8502

 

TRENDS Daily SMA20 0.8562 Daily SMA50 0.8564 Daily SMA100 0.8559 Daily SMA200 0.8603

 

LEVELS Previous Daily High 0.852 Previous Daily Low 0.8497 Previous Weekly High 0.8568 Previous Weekly Low 0.85 Previous Monthly High 0.8645 Previous Monthly Low 0.8521 Daily Fibonacci 38.2% 0.8506 Daily Fibonacci 61.8% 0.8511 Daily Pivot Point S1 0.8493 Daily Pivot Point S2 0.8483 Daily Pivot Point S3 0.8469 Daily Pivot Point R1 0.8516 Daily Pivot Point R2 0.853 Daily Pivot Point R3 0.854

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