EUR/GBP trims losses near 0.8700 as UK GDP disappoints

💡 DMK Insight

The EUR/GBP cross is stabilizing around 0.8710, but here’s why that matters now: the recent UK growth figures are weighing on the Pound, suggesting potential volatility ahead. With the GBP under pressure, traders should keep an eye on the 0.8700 support level. A break below could trigger further selling, while a rebound might indicate a short-term buying opportunity. The broader context of Eurozone economic resilience could also play a role, particularly if the ECB signals a more hawkish stance in upcoming meetings. Don’t overlook the correlation with other GBP pairs, as shifts in sentiment could ripple across the market, impacting assets like GBP/USD and GBP/JPY. So, watch for any news from the UK that could shift sentiment, especially regarding inflation or employment data. The next few sessions could be pivotal for positioning ahead of potential swings.