23 Jul 2014
EUR/GBP is at 2-year low, but rebound is not ruled out
FXStreet (Moscow) - EUR/GBP opened the day at 0.7889, slid to 2-year low at 0.7880, and may go even further.
Chances to go up
The cross is again under pressure on European stock market opening trying to break below 0.7880 area. However, everything may change soon. While the euro weakness helped EUR/GBP to come below 0.79, the come back above the level is not ruled out, especially if UK MPC minutes show the members were in no hurry to tighten the monetary policy during the last meeting. In this case the pair may go back up, with initial target at 0.7914 resistance.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.7902, with support below at 0.7878, 0.7866 and 0.7842 with resistance above at 0.7914, 0.7938, and 0.7950. Hourly Moving Averages are bearish, with the 200SMA at 0.7923 and the daily 20EMA bearish at 0.7948. Hourly RSI is bearish at 25.
Chances to go up
The cross is again under pressure on European stock market opening trying to break below 0.7880 area. However, everything may change soon. While the euro weakness helped EUR/GBP to come below 0.79, the come back above the level is not ruled out, especially if UK MPC minutes show the members were in no hurry to tighten the monetary policy during the last meeting. In this case the pair may go back up, with initial target at 0.7914 resistance.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.7902, with support below at 0.7878, 0.7866 and 0.7842 with resistance above at 0.7914, 0.7938, and 0.7950. Hourly Moving Averages are bearish, with the 200SMA at 0.7923 and the daily 20EMA bearish at 0.7948. Hourly RSI is bearish at 25.