#EURGBP @ 0.87110 remains within a narrow range, trading at 0.8709, up 0.02%, and above the 200-DMA.
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- EUR/GBP remains within a narrow range, trading at 0.8709, up 0.02%, and above the 200-DMA.
The pair currently trades last at 0.87110.
The previous day high was 0.8726 while the previous day low was 0.8698. The daily 38.2% Fib levels comes at 0.8715, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8709, expected to provide support.
The EUR/GBP remains subdued amid the lack of a catalyst, trading within a narrow range of 40 pips and printed losses of 0.02%, though it remained above the 200-day moving average (DMA). At the time of writing, as the Asian session begins, the cross-pair exchanges hands at 0.8709, up 0.02%.
Economic data from the Eurozone (EU) revealed that business conditions continued deteriorating. Manufacturing, Services, and Composite PMIs, announced by S&P Global, remained in recessionary territory, below forecasts and the previous month’s data. That and Germany’s GfK Consumer Confidence plummeting were a headwind for the EUR/GBP.
On the UK front, the labor market is losing steam while business activity deteriorated in October, increasing the odds of a recession. S&P Global/CIPS Manufacturing and Services PMI remained in recessionary territory. Employment data showed the jobs market is cooling, as the economy shed -82K workers, while the unemployment rate stood at 4.2%.
Meanwhile, according to a Reuters poll, expectations for further tightening are fading, with most economists foreseeing the Bank of England (BoE) to keep rates unchanged at 5.25% on November 2.
Ahead of the week, the European Central Bank (ECB) is expected to hold rates unchanged, though it is projected to leave the door open for further hikes if needed.
Technical Levels: Supports and Resistances
EURGBP currently trading at 0.8711 at the time of writing. Pair opened at 0.871 and is trading with a change of 0.01 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.8711 |
| 1 | Today Daily Change | 0.0001 |
| 2 | Today Daily Change % | 0.0100 |
| 3 | Today daily open | 0.8710 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.8665, 50 SMA 0.8618, 100 SMA @ 0.8603 and 200 SMA @ 0.8696.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.8665 |
| 1 | Daily SMA50 | 0.8618 |
| 2 | Daily SMA100 | 0.8603 |
| 3 | Daily SMA200 | 0.8696 |
The previous day high was 0.8726 while the previous day low was 0.8698. The daily 38.2% Fib levels comes at 0.8715, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8709, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.8697, 0.8684, 0.867
- Pivot resistance is noted at 0.8725, 0.8739, 0.8752
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.8726 |
| Previous Daily Low | 0.8698 |
| Previous Weekly High | 0.8740 |
| Previous Weekly Low | 0.8641 |
| Previous Monthly High | 0.8706 |
| Previous Monthly Low | 0.8524 |
| Daily Fibonacci 38.2% | 0.8715 |
| Daily Fibonacci 61.8% | 0.8709 |
| Daily Pivot Point S1 | 0.8697 |
| Daily Pivot Point S2 | 0.8684 |
| Daily Pivot Point S3 | 0.8670 |
| Daily Pivot Point R1 | 0.8725 |
| Daily Pivot Point R2 | 0.8739 |
| Daily Pivot Point R3 | 0.8752 |
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