FXStreet quoted EUR/GBP at 0.8358 Tuesday, near the upper end of a two-week range reported by the outlet, as UK growth releases due Thursday offered the next scheduled data point for sterling.
The report was timestamped 3:30 a.m. ET (08:30 UTC) Nov. 10. FXStreet set the pair’s range over the prior two weeks at 0.8320 to 0.8360 and placed resistance at 0.8360 to 0.8365. Those levels reflect the outlet’s technical reading. EUR/GBP measures pounds per euro, so a higher reading means one euro buys more sterling. FXStreet had also quoted the pair near 0.8360 on Nov. 2, as EconoTimes reported in its earlier coverage.
FXStreet said falling oil prices eased pressure on euro-area economies and supported the euro against sterling; that causal account is the outlet’s interpretation. Brent crude futures settled at $92.57 a barrel Monday, down $5.75, or 5.85%. Reuters calculated a 16% loss for Brent across the previous week, the steepest such drop since the pandemic started. Reuters also tied oil selling partly to lower expectations for renewed U.S. strikes on Iran if negotiations progressed.
FXStreet also said the Bank of England’s hawkish stance limited sterling’s declines, rather than the rate move alone. At its meeting ending Nov. 4, eight of nine Monetary Policy Committee members backed a 0.25-percentage-point increase in Bank Rate to 4%; the ninth preferred an increase of 0.5 percentage points, to 4.25%. The Bank said elevated energy costs were reaching household and business bills, adding to inflation concerns.
The Office for National Statistics is scheduled to release September GDP and production data at 2 a.m. ET (07:00 UTC) Thursday, Nov. 12, along with its first estimate for GDP in the July-to-September quarter. The releases will provide the next official readings on UK output and production.
