EUR/GBP slides below 0.8640 for Monday

EUR/GBP falls into familiar lows near 0.8630 as Euro slips a new bottom into near-term consolidation.
The BoE's Mann shows her hawkish feathers during a speech in Dallas.
EU Sentix Investors Confidence fails to inspire Euro bull run, ECB Lagarde speech in the barrel for Tuesday.

Joshua Gibson FXStreet

The EUR/GBP fell off recent consolidation to etch in a new October low near 0.8631, and the pair is pinned into the low end heading into the Tuesday trading session.

The European Sentix Investor Confidence reading for October couldn't prop up the Euro (EUR) meaningfully, despite a better-than-expected print of -21.9, a slight downtick from the previous read of -21.5 but significantly better than the market forecast of -24.

On the UK side, the Bank of England (BoE) policymaker and Monetary Policy Committee (MPC) member Catherine Mann made a hawkish showing at an event in Dallas on Monday. Mann noted that central banks need to be more aggressive in the face of inflation, because policy measures need to not only overcome inflation, but "drift" in inflation expectations that develop over time.

Mann remains concerned about how deeply-embedded inflation has become, and that too-little moves from the BoE could mean future policy mechanism adjustments would have a limited effect.

Tuesday sees a speech from European Central Bank (ECB) President Christine Lagarde who will be delivering talking points at the International Monetary Fund's (IMF) latest annual meeting, currently being hosted in Morocco.

On Wednesday, it's UK production day, with Industrial and Manufacturing Production on the docket, alongside Gross Domestic Product (GDP) for the third quarter and Trade Balance figures.

Wednesday will also see speeches from the ECB's Elderson and Panetta, followed by the ECB's latest meeting minutes, to be published at 11:30 GMT.

EUR/GBP Technical Outlook

The Euro is down 0.83% against the Pound Sterling from September's peak of 0.8706, constrained by technical resistance from the 200-day Simple Moving Average near the 0.8700 handle, while the 50-day SMA rests near 0.8610, with chart action sandwiched in the middle.

Technical indicators are turning softly bearish, with the Moving Average Convergence-Divergence (MCAD) indicator flashing a bearish rollover of the fast and slow indicator lines from overbought conditions.

EUR/GBP Daily Chart

EUR/GBP Technical Levels

EUR/GBP

Overview
Today last price	0.8636
Today Daily Change	-0.0017
Today Daily Change %	-0.20
Today daily open	0.8653

Trends
Daily SMA20	0.8644
Daily SMA50	0.8606
Daily SMA100	0.8601
Daily SMA200	0.8705

Levels
Previous Daily High	0.8663
Previous Daily Low	0.8641
Previous Weekly High	0.8691
Previous Weekly Low	0.864
Previous Monthly High	0.8706
Previous Monthly Low	0.8524
Daily Fibonacci 38.2%	0.8655
Daily Fibonacci 61.8%	0.8649
Daily Pivot Point S1	0.8641
Daily Pivot Point S2	0.863
Daily Pivot Point S3	0.8619
Daily Pivot Point R1	0.8664
Daily Pivot Point R2	0.8675
Daily Pivot Point R3	0.8686

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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