The value of the EURGBP currency pair is declining in Monday’s trading session, moving away from the level of 0.8700.
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- The EUR/GBP is falling in Monday trading, stepping away from the 0.8700 handle.
The pair currently trades last at 0.86716.
The previous day high was 0.87 while the previous day low was 0.866. The daily 38.2% Fib levels comes at 0.8685, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8676, expected to provide resistance.
The EUR/GBP is losing ground on Monday, with the Euro slipping following dovish comments from the European Central Bank’s (ECB) President Christine Lagarde.
ECB President Lagarde noted that there has been an overall slowdown in momentum for the EU economy, and job creation continues to moderate.
The ECB sees further weakness for the third quarter, and the EU’s central bank has also delayed the completion of its policy framework review, which has been pushed out to sometime by the spring of 2024.
Despite Monday’s backslide, the Euro (EUR) continues to trade well against the Pound Sterling (GBP) overall looking longer-term. The EUR/GBP managed to swing into a fresh four-month high before falling back to 0.8670.
Analysts at Danske Bank expect the trend to continue, with the EUR/GBP forecast to hit 0.8800 by the end of the year, citing greater headwinds for the Pound Sterling thanks to a dovish Bank of England (BoE).
Read More:
Lagarde speech: Recent indicators point to further weakness in third quarter
EUR/GBP to move only modestly higher to 0.88 over the coming year – Danske Bank
The economic calendar is notably thin for both the Euro and the Pound Sterling for the first half of the trading week with very little on the data docket.
Euro traders will be making note of the ECB’s monthly bulletin due on Thursday, while Friday brings UK Gross Domestic Product (GDP) and EU Consumer Price Index (CPI) figures.
Market forecasts see the annualized GDP growth rate for the UK holding steady in the 2nd quarter at 0.4%.
On the EU CPI side, median estimates expect the harmonized CPI index to lag slightly, forecast to print at an annualized 4.8% for the month of September.
The EUR/GBP slipped in Monday trading to test the 0.8670 region, and intraday technical support currently sits at the 100-hour Simple Moving Average (SMA) near 0.8660, with a rising trendline marked into hourly candles from last week’s swing low into 0.8610.
Daily candlesticks see the Euro-Pound pair trading back from the 200-day SMA that currently sits just beneath 0.8720, and failure to capture fresh bullish territory from here will see the pair set to re-challenge near-term swing lows between 0.8580 and 0.8520.
Technical Levels: Supports and Resistances
EURGBP currently trading at 0.8671 at the time of writing. Pair opened at 0.8696 and is trading with a change of -0.29 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.8671 |
| 1 | Today Daily Change | -0.0025 |
| 2 | Today Daily Change % | -0.2900 |
| 3 | Today daily open | 0.8696 |
The pair is trading above its 20 Daily moving average @ 0.8597, above its 50 Daily moving average @ 0.8594 , above its 100 Daily moving average @ 0.8604 and below its 200 Daily moving average @ 0.8712
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.8597 |
| 1 | Daily SMA50 | 0.8594 |
| 2 | Daily SMA100 | 0.8604 |
| 3 | Daily SMA200 | 0.8712 |
The previous day high was 0.87 while the previous day low was 0.866. The daily 38.2% Fib levels comes at 0.8685, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8676, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 0.8671, 0.8646, 0.8631
- Pivot resistance is noted at 0.8711, 0.8726, 0.8751
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.8700 |
| Previous Daily Low | 0.8660 |
| Previous Weekly High | 0.8700 |
| Previous Weekly Low | 0.8599 |
| Previous Monthly High | 0.8669 |
| Previous Monthly Low | 0.8493 |
| Daily Fibonacci 38.2% | 0.8685 |
| Daily Fibonacci 61.8% | 0.8676 |
| Daily Pivot Point S1 | 0.8671 |
| Daily Pivot Point S2 | 0.8646 |
| Daily Pivot Point S3 | 0.8631 |
| Daily Pivot Point R1 | 0.8711 |
| Daily Pivot Point R2 | 0.8726 |
| Daily Pivot Point R3 | 0.8751 |
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