#EURGBP @ 0.87268 gains ground above the 0.8700 mark ahead of the European Central Bank (ECB) rate decision.
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- EUR/GBP gains ground above the 0.8700 mark ahead of the European Central Bank (ECB) rate decision.
The pair currently trades last at 0.87268.
The previous day high was 0.8727 while the previous day low was 0.8703. The daily 38.2% Fib levels comes at 0.8718, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8712, expected to provide support.
The EUR/GBP cross holds positive ground for the second consecutive day during the early European trading hours on Thursday. Investors will closely monitor the European Central Bank (ECB) interest rate decision later on Thursday, which is anticipated to hold the rate unchanged. The cross currently trades around 0.8726, gaining 0.02% on the day.
Markets are pricing ECB policy rates largely unchanged for the rest of the year, ending its hiking cycle. However, ECB President Lagarde is likely to signal a tightening bias compared to the Bank of England (BoE). This, in turn, might lift the Euro (EUR) against the Pound Sterling (GBP).
Furthermore, ECB President Lagarde said on Wednesday that the central bank will carefully monitor the unfolding crisis in the Middle East and the impact it may have on the eurozone economy.
On the other hand, the disappointing UK economic data exert pressure on the GBP. As reported by S&P Global, the Manufacturing PMI remains in the recessionary zone, while employment data shows that the labor market is easing. These figures might convince the BoE to maintain interest rates steady at 5.25% at its November 2 meeting amid growing worries about a recession.
Moving on, the ECB monetary policy meeting will be in the spotlight. Following the rate decision, the ECB Press Conference will be closely watched by traders. Market players will take cues from these events ahead of the BoE rate decision next week.
Technical Levels: Supports and Resistances
EURGBP currently trading at 0.8726 at the time of writing. Pair opened at 0.8724 and is trading with a change of 0.02 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.8726 |
| 1 | Today Daily Change | 0.0002 |
| 2 | Today Daily Change % | 0.0200 |
| 3 | Today daily open | 0.8724 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.8669, 50 SMA 0.8624, 100 SMA @ 0.8605 and 200 SMA @ 0.8695.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.8669 |
| 1 | Daily SMA50 | 0.8624 |
| 2 | Daily SMA100 | 0.8605 |
| 3 | Daily SMA200 | 0.8695 |
The previous day high was 0.8727 while the previous day low was 0.8703. The daily 38.2% Fib levels comes at 0.8718, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8712, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.8709, 0.8694, 0.8685
- Pivot resistance is noted at 0.8733, 0.8742, 0.8758
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.8727 |
| Previous Daily Low | 0.8703 |
| Previous Weekly High | 0.8740 |
| Previous Weekly Low | 0.8641 |
| Previous Monthly High | 0.8706 |
| Previous Monthly Low | 0.8524 |
| Daily Fibonacci 38.2% | 0.8718 |
| Daily Fibonacci 61.8% | 0.8712 |
| Daily Pivot Point S1 | 0.8709 |
| Daily Pivot Point S2 | 0.8694 |
| Daily Pivot Point S3 | 0.8685 |
| Daily Pivot Point R1 | 0.8733 |
| Daily Pivot Point R2 | 0.8742 |
| Daily Pivot Point R3 | 0.8758 |
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