EUR/GBP trades flat at 0.8367 as Brent Oil climbs back above $90, with investors awaiting UK Q3 GDP data to gauge potential BoE rate hike momentum.
Brent bounced from Tuesday's lows and returned above the $90 level as traders grow wary of the lack of progress in Middle East peace negotiations. Rising supply-risk perception supports higher prices, though the move so far is only a rebound from recent lows.
The pair sits at 0.8367, holding above support at 0.8360 with mildly bullish RSI and MACD, but repeatedly fails to break above 0.8370 as recovering Brent prices offset positive risk sentiment. Mixed technicals and thin UK calendar ahead of Thursday's Q3 GDP leave direction balanced.
The EUR/GBP pair remains range-bound at 0.8367, struggling to clear the 0.8370 resistance level as a recovery in Brent Oil prices offsets positive risk sentiment. Markets are now looking toward Thursday's UK Q3 GDP data, which could influence expectations for Bank of England policy in early 2027.
Prices bounced back above $90 because traders are increasingly worried about the lack of progress in negotiations for a Middle East peace deal, which raises supply-risk concerns.
Resistance sits at 0.8370, then 0.8380 and the 0.8400 area, while support is at 0.8360, with 0.8335 and 0.8320 below if that floor breaks.
Thursday's UK Q3 GDP figure is the main upcoming event, with markets expecting moderate growth that could reinforce expectations of another BoE rate hike in early 2027.