The currency pair remains range-bound amid caution over UK local elections and potential US-Iran diplomatic developments.
EUR/GBP traded flat on Thursday as investors adopted a wait-and-see approach ahead of UK local election results. The pair showed little movement despite bearish momentum indicators suggesting seller dominance in recent sessions.
Market participants are also monitoring geopolitical developments, including prospects of a US-Iran deal aimed at easing Middle East tensions. The currency pair has been under pressure in recent weeks, reflecting broader risk sentiment and diverging monetary policy expectations between the Eurozone and the UK.
No immediate market reaction was observed, with traders likely awaiting clearer signals from election outcomes or diplomatic progress.