Losses continue for the EURGBP pair, with the exchange rate at 0.86741, as a result of the European Central Bank President Christine Lagarde’s address to the European Parliament.

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• EUR/GBP extends losses following the ECB President Christine Lagarde’s speech at the European Parliament.

The pair currently trades last at 0.86741.

The previous day high was 0.8702 while the previous day low was 0.8669. The daily 38.2% Fib levels comes at 0.8682, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.869, expected to provide resistance.

EUR/GBP extends its losses on the second successive day, trading lower around 0.8670 during the Asian session on Tuesday. The pair is facing downward pressure following the European Central Bank’s (ECB) President Christine Lagarde’s remarks at the European Parliament.

Lagarde observed a general deceleration in economic momentum across the European Union (EU), accompanied by a gradual moderation in job creation. However, the policymaker also highlighted that inflation is expected to remain “too high for too long” and emphasized that rates will remain restrictive for as long as necessary.

ECB confronts a complex predicament, as it must delicately manage the fine line between addressing inflationary forces and avoiding detrimental effects on the disparate domestic economies within the Eurozone.

Investors await the data release of the Eurozone’s Harmonized Index of Consumer Prices (HICP), which is scheduled for Friday.

These datasets may provide crucial insights into the inflationary pressures in the bloc and could impact trading decisions involving the Euro.

In the United Kingdom (UK), the Bank of England (BoE) opted not to move forward with a widely expected interest rate increase on Thursday. This decision was based on inflation figures for the UK economy that fell generally below expectations.

The surprising pause in the BoE’s rate hike cycle has added to the British Pound’s (GBP) relative underperformance. It is also seen as a factor exerting downward pressure on the EUR/GBP pair. Notably, the UK central bank had previously implemented 14 consecutive interest rate hikes.

Technical Levels: Supports and Resistances

EURGBP currently trading at 0.8674 at the time of writing. Pair opened at 0.8675 and is trading with a change of -0.01 % .

The pair is trading above its 20 Daily moving average @ 0.8602, above its 50 Daily moving average @ 0.8596 , above its 100 Daily moving average @ 0.8604 and below its 200 Daily moving average @ 0.8712

The previous day high was 0.8702 while the previous day low was 0.8669. The daily 38.2% Fib levels comes at 0.8682, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.869, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.8661, 0.8648, 0.8628
• Pivot resistance is noted at 0.8695, 0.8716, 0.8729

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