EUR/GBP Stuck in Tight Range as Traders Observe the War

The EUR/GBP exchange rate has been stuck in a tight range around the mid-0.8500s, showing little change over the past week. The Eurozone's recent GDP data came in close to forecasts and failed to push the pair out of this range.

On Friday, the EUR/GBP traded at 0.8543, with the Euro (EUR) holding steady against the British Pound (GBP). The pair has been struggling to break above the 0.8550 level, which is seen as resistance.

The downside prevails as long as this resistance holds, with targets of 0.8531 and 0.8526 in sight. An alternative scenario sees the EUR/GBP breaking above 0.8550, potentially reaching levels of 0.8558 and 0.8563.