The currency pair EURGBP, trading at a rate of 0.86089, concluded the session by surpassing the level of 0.8600 and experienced a rise of 0.20%.

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• EUR/GBP closed above 0.8600 and saw 0.20% gains.

The pair currently trades last at 0.86089.

The previous day high was 0.8594 while the previous day low was 0.8558. The daily 38.2% Fib levels comes at 0.8581, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8572, expected to provide support.

On Wednesday, the EUR/GBP closed above 0.8600, and the EUR gained ground over the GBP as investors are preparing for an announcement of a 25 basis point (bps) hike by the European Central Bank (ECB) on Thursday.

In line with that, Reuters reported that the European Central Bank (ECB) foresees eurozone inflation remaining above 3% next year, exceeding the previous 2% projection, which would justify a tenth consecutive interest rate hike at its upcoming meeting on Thursday. In the meantime, market expectations are divided between the bank maintaining current rates and a 25 basis point increase due to concerns about high inflation and looming recession fears.

Despite this projection strengthening the case for a hike, analysts still believe that the decision will be a close call.

The daily chart analysis indicates a neutral to bullish outlook for EUR/GBP as the bulls show signs of resurgence but face challenges ahead. Having turned flat in positive territory, the Relative Strength Index (RSI) suggests a potential market equilibrium with balanced buying and selling pressure, while the Moving Average Convergence (MACD) histogram exhibits increasing green bars. Furthermore, the pair is above the 20-day Simple Moving Average (SMA) but below the 100- and 200-day SMAs, indicating that the bulls aren’t done yet and that the outlook is still positive for the short term.

Support levels: 0.8590, 0.8567 (20-day SMA), 0.8550.

Resistance levels: 0.8615 (100-day SMA), 0.8630, 0.8650.

Technical Levels: Supports and Resistances

EURGBP currently trading at 0.8609 at the time of writing. Pair opened at 0.8594 and is trading with a change of 0.17 % .

The pair is trading above its 20 Daily moving average @ 0.8563, above its 50 Daily moving average @ 0.8581 , below its 100 Daily moving average @ 0.862 and below its 200 Daily moving average @ 0.8712

The previous day high was 0.8594 while the previous day low was 0.8558. The daily 38.2% Fib levels comes at 0.8581, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8572, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.857, 0.8546, 0.8534
• Pivot resistance is noted at 0.8606, 0.8619, 0.8643

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