25 Jul 2014
EUR/GBP is coming closer to 0.79…again
FXStreet (Moscow) - EUR/GBP opened the day at 0.7924, slid to 0.7912, and may go even further.
History repeating
And again the situation is repeated – there were two factors that may have an impact on the pair. First, we paid attention to the German IFO survey, and it was much weaker than expected thus failing to convince the market the Germany is still strong enough to bear the burden of periphery. Second, we saw the UK GDP meeting expectations, and it did put the pound under additional pressure. Thus, no wonder, the pair is sliding, but not that fast. The initial target to the downside may lie at 0.7895.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.7918, with support below at 0.7895, 0.7865 and 0.7842 with resistance above at 0.7948, 0.7971, and 0.8001. Hourly Moving Averages are mixed, with the 200SMA bullish at 0.7914 and the daily 20EMA bearish at 0.7942. Hourly RSI is bullish at 58.
History repeating
And again the situation is repeated – there were two factors that may have an impact on the pair. First, we paid attention to the German IFO survey, and it was much weaker than expected thus failing to convince the market the Germany is still strong enough to bear the burden of periphery. Second, we saw the UK GDP meeting expectations, and it did put the pound under additional pressure. Thus, no wonder, the pair is sliding, but not that fast. The initial target to the downside may lie at 0.7895.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.7918, with support below at 0.7895, 0.7865 and 0.7842 with resistance above at 0.7948, 0.7971, and 0.8001. Hourly Moving Averages are mixed, with the 200SMA bullish at 0.7914 and the daily 20EMA bearish at 0.7942. Hourly RSI is bullish at 58.