On Wednesday, the currency pair EURGBP, with a value of 0.86029, fluctuates within a narrow trading range close to 0.8604.

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• EUR/GBP oscillates in a tight trading band around 0.8604 on Wednesday.

The pair currently trades last at 0.86029.

The previous day high was 0.861 while the previous day low was 0.8565. The daily 38.2% Fib levels comes at 0.8593, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8582, expected to provide support.

The EUR/GBP cross remains confined in the 0.8597-0.8607 range during the early European session on Wednesday. Market players await the release of the preliminary German Consumer Price Index for August. The cross currently trades around 0.8604, unchanged for the day.

The weaker-than-expected economic data from the Eurozone might convince the European Central Bank (ECB) to pause interest rates at its next meeting on September 14. That said, the September’s German Gfk Consumer Confidence Survey reported on Tuesday came in at -25.5 versus -24.6 prior and worse than the expectation of -24.3. Additionally, the Eurozone money supply fell for the first time since 2010 as private sector lending slowed and deposits fell.

ECB policymakers were split between an interest rate halt and further tightening. This week’s publication of Eurozone inflation figures and the ECB’s updated economic projections might provide signals about future monetary policy and give a clear direction to the EUR/GBP cross.

On the Pound Sterling front, the British Retail Consortium for August dropped to 6.9% year on year from 7.6% in July. According to the World Interest Rates Probabilities (WIRP) tool, markets are pricing in a 75% odds of a 25 basis point (bps) rate hike by the Bank of England (BoE) in September. This, in turn, might limit the downside of the Pound Sterling and act as a headwind for EUR/GBP.

Looking ahead, traders will monitor the preliminary German Consumer Price Index (CPI) for August due on Wednesday. The annual and monthly CPI figures are expected to rise 6% and 0.3%, respectively. Also, the Eurozone CPI, Retail Sales, and the ECB Meeting Minutes will be released later this week. Traders will take cues and find trading opportunities around the EUR/GBP cross.

Technical Levels: Supports and Resistances

EURGBP currently trading at 0.8604 at the time of writing. Pair opened at 0.8605 and is trading with a change of -0.01 % .

The pair is trading above its 20 Daily moving average @ 0.8586, above its 50 Daily moving average @ 0.8586 , below its 100 Daily moving average @ 0.8643 and below its 200 Daily moving average @ 0.8714

The previous day high was 0.861 while the previous day low was 0.8565. The daily 38.2% Fib levels comes at 0.8593, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8582, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8577, 0.8549, 0.8532
• Pivot resistance is noted at 0.8622, 0.8638, 0.8666

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