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Forex pairs in this Article » EUR/GBP (Moscow) - EUR/GBP spent the Asian session in tight 15-pip range, but with European open it started to climb higher reaching 0.8217 at the moment.

EUR/GBP - the battle of PMI’s

The pair showed interesting moves on Friday at first rising on expectations for positive EMU data, and then falling on disappointment from weak German retail sales and euro zone CPI reports. It’s true that the British currency looks more stable due to the series of positive data we’ve seen during half a year, what gives to GBP higher chances to be the first to see tightening from the national central bank. Such expectation may continue to pressure the pair further out, though any positive surprises from EMU data may be enough to trigger demand on the pair. Today we will see euro zone and UK PMI data. The ones that prove to be better than expected define the support on either of the currencies. To the upside the initial target may be at 0.8236 resistance level. To the downside the support comes at 0.8180 and followed by 0.8156.

What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.8212 with support below at 0.8180 (S1), 0.8156 (S2) and 0.8124 (S3), with resistance above at 0.8236 (R1), 0.8268 (R2), and 0.8292 (R3). Hourly Moving Averages are bearish, with the 200SMA at 0.8232 and the daily 20EMA bearish at 0.8263. Hourly RSI is neutral at 45.
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