The EURGBP pair, currently trading at 0.86407, is experiencing a decline in buying interest, causing it to reach a new intraday low. However, it is also maintaining a stable upward trend that has been ongoing for the past two weeks.

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• EUR/GBP takes offers to refresh intraday low, consolidates two-week uptrend.

The pair currently trades last at 0.86407.

The previous day high was 0.868 while the previous day low was 0.8634. The daily 38.2% Fib levels comes at 0.8662, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8652, expected to provide resistance.

EUR/GBP consolidates the latest gains as traders brace for the first readings of the Eurozone and the UK PMIs for July during early Monday. In doing so, the cross-currency pair renews its intraday low near 0.8645 to print the mild losses, after rising in the last two consecutive weeks.

Apart from the pre-data positioning, headlines from Bloomberg also lure the EUR/GBP bears by suggesting more inflation pressure within the UK, via the employment sector. The news covered data from the search engine Adzuna to mention that the UK job vacancies rose for a fifth month, boosting salaries and signaling tightness in the labor market that’s likely to fan inflation.

It’s worth noting that the strong UK Retail Sales growth renewed hawkish bias about the Bank of England (BoE) the previous day event as the softer prints of the UK Consumer Price Index (CPI) earlier poked the Pound buyers.

Additionally, the chatters surrounding UK PM Rishi Sunak’s likely measures to ease the pain of British housing markets and taxpayers, mainly to lure voters ahead of 2024 general elections, also seem to weigh on the EUR/GBP price.

On the other hand, mixed comments from the European Central Bank (ECB) officials and unimpressive data from the bloc, as well as chatters that the ECB won’t be able to offer a major hawkish surprise as the 0.25% rate hike is already priced-in, seem to also weigh on the EUR/GBP price.

Moving on, the preliminary readings of the Eurozone, Germany and the UK PMIs for July will be crucial to determine intraday moves of the EUR/GBP pair ahead of Thursday’s key ECB monetary policy announcements. In that case, the pair traders will keep their eyes on how President Christine Lagarde helps keep the hawks safe ahead of a long wait before September monetary policy meeting, after the current one.

Repeated failures to cross the 100-day Exponential Moving Average (EMA) surrounding 0.8665 directs the EUR/GBP bears toward the previous resistance line stretched from May 23, close to 0.8615 at the latest.

Technical Levels: Supports and Resistances

EURGBP currently trading at 0.8646 at the time of writing. Pair opened at 0.8657 and is trading with a change of -0.13% % .

The pair is trading above its 20 Daily moving average @ 0.8587, above its 50 Daily moving average @ 0.8606 , below its 100 Daily moving average @ 0.8703 and below its 200 Daily moving average @ 0.873

The previous day high was 0.868 while the previous day low was 0.8634. The daily 38.2% Fib levels comes at 0.8662, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8652, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.8634, 0.8611, 0.8588
• Pivot resistance is noted at 0.868, 0.8702, 0.8725

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