The EURGBP currency pair decreased from 0.86575 to 0.8660 on Wednesday.

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• EUR/GBP backed down to 0.8660 on Wednesday.

The pair currently trades last at 0.86575.

The previous day high was 0.8706 while the previous day low was 0.8668. The daily 38.2% Fib levels comes at 0.8692, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8683, expected to provide resistance.

The EUR/GBP pulled back from recent highs to settle into 0.8660 after reaching a session peak of 0.8706.

The Euro (EUR) couldn’t hang onto gains against the Pound Sterling (GBP) and lost the 0.8700 handle as markets gear up for the Thursday trading session.

The upcoming European market session will see the European Central Bank (ECB) drop their latest Economic Bulletin, which is published two weeks after each Governing Council meeting. Investors will find finer details of what the ECB discussed at the latest meeting, though market impact is likely to be limited after the ECB struck a notably dovish tone at their last meet.

The ECB has backed away from rate increases for the time being, and with the European economy on shaky ground it is unlikely that the central bank will be planning additional rate hikes any time soon.

Thursday will also see EU Consumer Confidence figures for September, and markets are forecasting the print to match the previous month’s release at -17.8 as European consumers continue to fear growing recession conditions within the EU.

Friday kicks off a bumper economic calendar docket with UK Gross Domestic Product (GDP) figures at 06:00 GMT, and second-quarter GDP growth is expected to hold steady with the previous print of 0.2%.

EU Consumer Price Index (CPI) inflation numbers will be dropping on Friday at 09:00 GMT, and markets are forecasting the annualized September CPI inflation reading to clock in a half-percent decline from 5.3% to 4.8%.

The EUR/GBP has slipped back to the 0.8660 level in intraday trading after losing the day’s high above 0.8700, and daily candlesticks see the pair facing a rejection from the 200-day Simple Moving Average (SMA) in the near-term, currently pricing in near 0.8710.

The EUR/GBP is up over 1.5% from the last swing low into 0.8530, breaking cleanly through the descending trendline from July’s failed run at the 0.8700 handle, a level that looks set to continue providing technical resistance as the Euro-Pound Sterling pair struggles to find long-term momentum.

Technical Levels: Supports and Resistances

EURGBP currently trading at 0.8658 at the time of writing. Pair opened at 0.8696 and is trading with a change of -0.44 % .

The pair is trading above its 20 Daily moving average @ 0.8606, above its 50 Daily moving average @ 0.8598 , above its 100 Daily moving average @ 0.8604 and below its 200 Daily moving average @ 0.8712

The previous day high was 0.8706 while the previous day low was 0.8668. The daily 38.2% Fib levels comes at 0.8692, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8683, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.8674, 0.8652, 0.8636
• Pivot resistance is noted at 0.8712, 0.8728, 0.875

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