EUR/GBP is at 0.7970 waiting for drivers from UK

By FXstreet.com | August 04, 2014 AAA

FXStreet (Moscow) - EUR/GBP opened the day at 0.7978, slid to 0.7971, and is trading somewhere around at the moment.



Game changer



While the euro is not too strong at the moment, the pound is even weaker, and while the euro zone data points to gradual pace of recovery, the British reports showed several disappointments in a row. This week may become a game-changer as Draghi may sound less optimistic due to growing tension with Russia, and UK PMIs and Industrial Production may revive the interest to the pound again. In an hour we will get British Construction PMI that may become the first trigger helping the sterling to recover. In this case the initial target to the downside may be at 0.7943.



What are today’s key EUR/GBP levels?



Today's central pivot point can be found at 0.7964, with support below at 0.7943, 0.7902 and 0.7881 with resistance above at 0.8005, 0.8026, and 0.8067. Hourly Moving Averages are largely bullish, with the 200SMA bullish at 0.7920 and the daily 20EMA flat at 0.7937. Hourly RSI is bullish at 69.



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