#EURGBP @ 0.86468 Euro rises on Monday on the back of hawkish comments. (Pivot Orderbook analysis)

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• Euro rises on Monday on the back of hawkish comments.
• EUR/GBP finds support again at the 0.8570 zone.

The pair currently trades last at 0.86468.

The previous day high was 0.8617 while the previous day low was 0.8577. The daily 38.2% Fib levels comes at 0.8601, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8592, expected to provide support.

The EUR/GBP is rising sharply on Monday, boosted by a stronger Euro across the board. The cross peaked at 0.8675, hitting the highest level since Wednesday. It is hovering around 0.8560, up more than 50 pips for the day so far.

Last week and also during October, the 0.8570 area capped the downside. The mentioned area continues to be a critical support that if broken would open the doors to more losses, targeting the 0.8500 area.

As long as the cross remains above 0.8570, losses seem limited. On the upside, the crucial resistance is seen at 0.8690/0.8700, the convergence of horizontal levels and the 20-day Simple Moving Average. A break above would strengthen the outlook for the euro.

European Central Bank President Christine Lagarde testified before the Committee on Economic and Monetary Affairs (ECON) of the European Parliament. She reiterated that interest rates will remain their main tool for fighting inflation. Earlier on Monday, ECB Governing Council member Klaas Knot pointed out that more tightening was necessary.

The comments boosted the euro across the board. EUR/USD hit a fresh multi-month high before pulling bank modestly while EUR/CHF peaked at 0.9888, a one-week high.

Technical Levels: Supports and Resistances

EURGBP currently trading at 0.8666 at the time of writing. Pair opened at 0.8606 and is trading with a change of 0.7 % .

The pair is trading below its 20 Daily moving average @ 0.8693, below its 50 Daily moving average @ 0.8729 , above its 100 Daily moving average @ 0.8618 and above its 200 Daily moving average @ 0.8534

The previous day high was 0.8617 while the previous day low was 0.8577. The daily 38.2% Fib levels comes at 0.8601, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8592, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8583, 0.856, 0.8543
• Pivot resistance is noted at 0.8623, 0.864, 0.8663

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