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EUR/GBP falling back towards 0.8700 as Euro pares back Thursday gains

The EUR/GBP is getting yanked back towards 0.8700 as Thursday's gains get rebuffed.
The Euro clipped into a high of 0.8736 before getting knocked back down.
BoE left rates unchanged, but hawkish lean sends the Pound Sterling back up.

Joshua Gibson FXStreet

The EUR/GBP is falling back towards the 0.8700 handle after scrambling up the charts in the runup to Thursday's Bank of England (BoE) rate call, which saw rates on hold, but hawkishly so. The Pound Sterling (GBP) saw a late break and recovery following the UK central bank, cutting away some of the day's gains for the Euro (EUR).

Bailey Speech: BoE Governor speaks on policy outlook after holding interest rate steady at 5.25%

BoE Governor Andrew Bailey gave some talking points while delivering the BoE's rate hold announcement, noting that the UK still has a long way to go on quashing inflation, and the need for balance in monetary policy restrictiveness.

The BoE's rate call showing wraps up impactful scheduled data from both the EU and the UK for the week.

EUR/GBP Technical Outlook

The EUR/GBP's late break lower has sent the pair back into the 200-hour Simple Moving Average (SMA) as prices return to the near-term median, slipping back from the day's high of 0.8736.

Despite the GBP's late rebound, the pair remains fairly well-bid for the day, up 0.3% from Thursday's opening bids near 0.8690.

Daily candlesticks continue to clatter along the 0.8700 key handle, with the 200-day SMA near the level keeping prices strung along the midrange.

The pair is sticking close to the top side of six-year highs after lifting from the year's low bids near 0.8500 from back in August, and a bullish continuation will see the pair set for a long-term run towards 2023's early highs near 0.8860

EUR/GBP Daily Chart

EUR/GBP Technical Levels

EUR/GBP

Overview
Today last price	0.8714
Today Daily Change	0.0016
Today Daily Change %	0.18
Today daily open	0.8698

Trends
Daily SMA20	0.8681
Daily SMA50	0.8641
Daily SMA100	0.8612
Daily SMA200	0.8693

Levels
Previous Daily High	0.8712
Previous Daily Low	0.8683
Previous Weekly High	0.8734
Previous Weekly Low	0.8683
Previous Monthly High	0.8754
Previous Monthly Low	0.8616
Daily Fibonacci 38.2%	0.8694
Daily Fibonacci 61.8%	0.8701
Daily Pivot Point S1	0.8683
Daily Pivot Point S2	0.8668
Daily Pivot Point S3	0.8654
Daily Pivot Point R1	0.8713
Daily Pivot Point R2	0.8727
Daily Pivot Point R3	0.8742

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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