#EURGBP @ 0.87027 Pound among worst performers on Tuesday. (Pivot Orderbook analysis)

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• Pound among worst performers on Tuesday.
• Bank of England denies it will delay gilts sales.
• EUR/GBP bullish, finds resistance at 0.9730.

The pair currently trades last at 0.87027.

The previous day high was 0.8696 while the previous day low was 0.8578. The daily 38.2% Fib levels comes at 0.8623, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8651, expected to provide support.

The EUR/GBP is rising on Tuesday on the back of a weaker pound, hit by the ongoing political and fiscal drama in the UK. The cross peaked at 0.8731, the highest level since last Thursday and then pulled back toward 0.8700.

The pound is among the worst performers on Tuesday hit by the ongoing political crisis in the United Kingdom. Gilts tumbled after the Bank of England dismissed an Financial Times report that it could delay the sale of bonds, scheduled for October 31. That same day, the government will announce more fiscal plans. With all that is going on, there is a long time until that date and the UK could even have a new PM by then.

Inflation figures are due in the UK on Wednesday and also the final reading of Eurozone September inflation numbers.

Regarding the energy crisis, the European Commission is proposing member countries to buy gas collectively. It also proposed a cap on excessive and volatile gas prices.

The EUR/GBP is moving with a bullish bias in the very short-term. The upside found resistance at 0.8730. A break higher would open the doors for a recovery above 0.8800. The next crucial area is seen at 0.8810 with a break higher, strengthening the outlook for the euro.

A slide below 0.8660 would be positive for the pound, exposing the 0.8600/10 area. A daily close below should open the doors to more losses in the short-term.

Technical Levels: Supports and Resistances

EURGBP currently trading at 0.8707 at the time of writing. Pair opened at 0.8657 and is trading with a change of 0.58 % .

The pair is trading below its 20 Daily moving average @ 0.8782, above its 50 Daily moving average @ 0.8649 , above its 100 Daily moving average @ 0.8582 and above its 200 Daily moving average @ 0.8487

The previous day high was 0.8696 while the previous day low was 0.8578. The daily 38.2% Fib levels comes at 0.8623, expected to provide support. Similarly, the daily 61.8% fib level is at 0.8651, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.8592, 0.8526, 0.8474
• Pivot resistance is noted at 0.8709, 0.8761, 0.8827

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