#EURGBP @ 0.87060 oscillates around 0.8710s, courtesy of a risk-off impulse, bolstering the Euro. (Pivot Orderbook analysis)

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• EUR/GBP oscillates around 0.8710s, courtesy of a risk-off impulse, bolstering the Euro.
• The cross-currency pair remains trapped within the 20/50-day Exponential Moving Averages (EMAs).
• A bearish-harami is forming in the EUR/GBP daily chart, warranting further downside.

The pair currently trades last at 0.87060.

The previous day high was 0.8732 while the previous day low was 0.8634. The daily 38.2% Fib levels comes at 0.8694, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8671, expected to provide support.

The Euro prolonged its gains against the Pound Sterling amidst a volatile trading session that witnessed both currencies featuring reports that inflation in the Eurozone and the UK remains higher, meaning that further central bank actions are needed to control stubbornly elevated inflation. From a technical point of view, the EUR/GBP is trading above its opening price by 0.16%, hoovering around 0.8710s, trapped between the 20 and the 50-day Exponential Moving Averages (EMAs).

The EUR/GBP daily chart illustrates the pair as neutral-to-upward biased, though contained within last Tuesday’s price action (0.8633-0.8731). If the EUR/GBP breaks the October 18 high of 0.8731, that could pave the way for further gains, exposing the 20-day EMA at 0.8775. Otherwise, a bearish-harami candle pattern would emerge, warranting downside action in the pair. If that scenario plays out, EUR/GBP’s key support areas lie at the 50-day EMA at 0.8656, followed by the confluence of the October 17 low and the 50-day EMA around 0.8656/57.

Short term, the EUR/GBP one-hour chart portrays the pair as neutral, consolidated in the 0.8700-0.8723 area. On top, the 200-EMA at 0.8723 would be a difficult hurdle to surpass. Once cleared, it could send the EUR/GBP towards the R1 daily pivot at 0.8745, followed by the R2 pivot point at 0.8787, ahead of the 0.8800 figure.

On the flip side, the EUR/GBP failure to crack 0.8731, the weekly high, would exacerbate a fall toward fresh weekly lows. Hence, the EUR/GBP first support will be the 20-EMA at 0.8702, followed by the confluence of the daily pivot and the 50-EMA at 0.8690. Break below will expose the 100-EMA at 0.8673, followed by the S1 pivot level at 0.8650.

Technical Levels: Supports and Resistances

EURGBP currently trading at 0.8716 at the time of writing. Pair opened at 0.8708 and is trading with a change of 0.09 % .

The pair is trading below its 20 Daily moving average @ 0.8779, above its 50 Daily moving average @ 0.8654 , above its 100 Daily moving average @ 0.8584 and above its 200 Daily moving average @ 0.8489

The previous day high was 0.8732 while the previous day low was 0.8634. The daily 38.2% Fib levels comes at 0.8694, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8671, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.865, 0.8593, 0.8553
• Pivot resistance is noted at 0.8748, 0.8789, 0.8846

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