#EURGBP @ 0.87018 cross faces challenges as the ECB kept the deposit rate unchanged at 4.0%.
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- EUR/GBP cross faces challenges as the ECB kept the deposit rate unchanged at 4.0%.
The pair currently trades last at 0.87018.
The previous day high was 0.8734 while the previous day low was 0.8692. The daily 38.2% Fib levels comes at 0.8708, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8718, expected to provide resistance.
EUR/GBP struggles to recover losses registered in the previous session, trading around 0.8710 during the European session on Friday. The cross faced pressure after the policy decision by the European Central Bank (ECB). The central bank opted to keep the deposit rate unchanged at 4.0%, citing a worsening economic outlook for the Eurozone as the influencing factor.
Furthermore, ECB President Christine Lagarde is navigating a challenging economic landscape. The delicate balance between a weakening economy and strong inflationary pressures can be quite a juggling act. Keeping an eye on the Middle East crisis and staying data-dependent seems like a prudent approach.
On the flip side, the elevated interest rates set by the Bank of England (BoE) are having a detrimental impact on the United Kingdom’s economy, exacerbating the challenges posed by stubborn inflation. Economic data reveals significant contractions across various sectors, with high inflation putting a strain on household budgets.
Despite this, the persistent risks of inflation raise doubts among market participants regarding UK Prime Minister Rishi Sunak’s ability to fulfill his promise of reducing headline inflation to 5.4% through the end of the year.
Investors will likely monitor the upcoming BoE interest rate decision scheduled for November 2, with widespread expectations that the BoE will maintain the current interest rates at 5.25%.
Technical Levels: Supports and Resistances
EURGBP currently trading at 0.8708 at the time of writing. Pair opened at 0.8709 and is trading with a change of -0.01 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.8708 |
| 1 | Today Daily Change | -0.0001 |
| 2 | Today Daily Change % | -0.0100 |
| 3 | Today daily open | 0.8709 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.8672, 50 SMA 0.8627, 100 SMA @ 0.8606 and 200 SMA @ 0.8695.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.8672 |
| 1 | Daily SMA50 | 0.8627 |
| 2 | Daily SMA100 | 0.8606 |
| 3 | Daily SMA200 | 0.8695 |
The previous day high was 0.8734 while the previous day low was 0.8692. The daily 38.2% Fib levels comes at 0.8708, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8718, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 0.8689, 0.8669, 0.8646
- Pivot resistance is noted at 0.8732, 0.8755, 0.8775
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.8734 |
| Previous Daily Low | 0.8692 |
| Previous Weekly High | 0.8740 |
| Previous Weekly Low | 0.8641 |
| Previous Monthly High | 0.8706 |
| Previous Monthly Low | 0.8524 |
| Daily Fibonacci 38.2% | 0.8708 |
| Daily Fibonacci 61.8% | 0.8718 |
| Daily Pivot Point S1 | 0.8689 |
| Daily Pivot Point S2 | 0.8669 |
| Daily Pivot Point S3 | 0.8646 |
| Daily Pivot Point R1 | 0.8732 |
| Daily Pivot Point R2 | 0.8755 |
| Daily Pivot Point R3 | 0.8775 |
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