EUR/GBP feels sorry for its rally and retreats

By FXstreet.com | Updated August 20, 2014 AAA

FXStreet (Moscow) - EUR/GBP opened at 0.8014, consolidated a bit, and is edging lower at the moment reaching 0.8003.

The D-Day for the pound

The cross bounced back above 0.80 area, but had to retreat from Tuesday’s daily highs, as not only the pound, but also the single currency is under attack of strong USD as well. Today the focus is on the MPC minutes that may finally bring some positive surprises for the pound. It used to be a non-event for the currency market as the Committee members preferred to stay unanimous in their views. However, now every coming meeting may bring some dissidents within the camp, and the day when it happens the pound will come to live again. The cross came too close to 0.80 support, however the rumored buying interest around may complicate the way below at the moment.

What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.8009, with support below at 0.7989, 0.7962 and 0.7942 with resistance above at 0.8036, 0.8056, and 0.8083. Hourly Moving Averages are mixed, with the 200SMA bullish at 0.7989 and the daily 20EMA bullish at 0.7972. Hourly RSI is bearish at 42.

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