#EURGBP @ 0.87444 climbs to near 0.8750 as Eurozone inflation softened in October.

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• EUR/GBP climbs to near 0.8750 as Eurozone inflation softened in October.

The pair currently trades last at 0.87444.

The previous day high was 0.8741 while the previous day low was 0.8708. The daily 38.2% Fib levels comes at 0.8728, expected to provide support. Similarly, the daily 61.8% fib level is at 0.872, expected to provide support.

The EUR/GBP pair prints a fresh five-month high at 0.8750 as Eurozone headline inflation remained softer-than-anticipated in October. The Eurostat reported that the monthly preliminary headline Harmonized Index of Consumer Prices (HICP) grew marginally by 0.1% against a 0.3% acceleration in September.

Annual headline HICP decelerated significantly to 2.9% against expectations of 3.1% and 4.3% reading from September. The core HICP that excludes volatile oil and food prices grew at a steady pace of 0.2% on a monthly basis. The annual core HICP softened to 4.25 as expected from a 4.5% reading in September. Consistently easing consumer inflation would allow European Central Bank (ECB) policymakers to continue to deliver neutral interest rate guidance.

Apart from the inflation data, Eurostat reported that the trading bloc contracted by 0.1% in the July-September quarter while investors forecasted a stagnant performance. In the April-June quarter, the economy grew by 0.1%. The economic activities in the old continent remained weak as it is struggling to absorb the consequences of higher interest rates by the ECB.

On the Pound Sterling front, investors await the interest rate decision by the Bank of England (BoE), which will be announced on Thursday. In spite of the fact that the consumer inflation in the UK economy is highest among G7 economies, a steady interest rate decision is widely anticipated from BoE Governor Andrew Bailey.

The United Kingdom economy has been exposed to a recession due to weak labor demand, poor consumer spending and deepening Middle East tensions. More rate hikes from the BoE would deepen recession fears.

Technical Levels: Supports and Resistances

EURGBP currently trading at 0.8746 at the time of writing. Pair opened at 0.8723 and is trading with a change of 0.26 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.8677, 50 SMA 0.8634, 100 SMA @ 0.8609 and 200 SMA @ 0.8695.

The previous day high was 0.8741 while the previous day low was 0.8708. The daily 38.2% Fib levels comes at 0.8728, expected to provide support. Similarly, the daily 61.8% fib level is at 0.872, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8707, 0.8691, 0.8674
• Pivot resistance is noted at 0.874, 0.8757, 0.8773

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