#EURGBP @ 0.87211 receives upward support before the releases of economic data from Germany.

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• EUR/GBP receives upward support before the releases of economic data from Germany.

The pair currently trades last at 0.87211.

The previous day high was 0.8727 while the previous day low was 0.8696. The daily 38.2% Fib levels comes at 0.8715, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8708, expected to provide support.

EUR/GBP extends gains on the second successive day, trading near 0.8720 during the early European session on Monday. The cross pair receives upward support ahead of the key economic data releases from Germany.

However, the preliminary German Gross Domestic Product (GDP) is anticipated to shrink by 0.3% quarter on quarter, with the yearly index poised for a 0.7% decrease compared to the 0.2% decline in the previous report. Meanwhile, the initial outlook for the Consumer Price Index (MoM) suggests a decline to 0.2% from the previous 0.3%.

Additionally, the Euro experienced declines following the decision of the European Central Bank (ECB) to maintain the deposit rate at 4.0%, attributing the choice to a deteriorating economic outlook for the Eurozone.

ECB President Christine Lagarde is in for a balancing act, steering the central bank through a tricky economic landscape. Navigating between a weakening economy and robust inflationary pressures is no small feat. With the added complexity of monitoring the Middle East crisis, staying data-dependent seems like a wise strategy.

On the other side, the Pound Sterling (GBP) faces challenge as the traders adopt cautious stance ahead of the Bank of England (BoE) policy meeting scheduled on Thursday, with widespread anticipations that the central bank will maintain the current interest rates at a 15-year high of 5.25% over growing fears about recession.

The United Kingdom’s economy is feeling the pinch of elevated interest rates, compounding the challenges posed by persistent inflation. Economic data indicates notable contractions in various sectors, with the burden of high inflation adding pressure to household budgets.

Technical Levels: Supports and Resistances

EURGBP currently trading at 0.872 at the time of writing. Pair opened at 0.8715 and is trading with a change of 0.06 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.8674, 50 SMA 0.8631, 100 SMA @ 0.8608 and 200 SMA @ 0.8695.

The previous day high was 0.8727 while the previous day low was 0.8696. The daily 38.2% Fib levels comes at 0.8715, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8708, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8698, 0.8681, 0.8667
• Pivot resistance is noted at 0.8729, 0.8744, 0.8761

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