In a large pot bring water to a boil on high heat adding a generous amount of salt. Add the pasta, stirring occasionally so as not to stick and cook according to suggested time on the box of the pasta less 1 ½ minutes. Reserve ½ cup of cooking water.
In the meantime, in a large and deep saucepan over medium heat pour the olive oil and a minute later toss in the garlic, the guanciale and the pancetta. Cook for about 5 minutes until golden and crispy. Discard the garlic and remove from the heat. Keep aside in the pan.
While frying the guanciale and pancetta, take a medium bowl and lightly beat the eggs along with parmesan cheese, the salt and pepper to create a light cream.
Strain the pasta and return to the saucepan with the guanciale and pancetta, which is set on very low fire and cook for another a minute. Remove from fire, add ¼ cup of the reserved pasta water and toss to cool a bit, while stirring add the eggs/cheese mixture, stirring for further 30 seconds so as the pasta absorbs the sauce. Add more from the reserved water if required.
Serve in a deep dish, add some more parmesan cheese and a twist of freshly cracked black pepper.