EUR/GBP loves when pound weakens

By FXstreet.com | July 10, 2014 AAA

FXStreet (Moscow) - EUR/GBP opened the day at 0.7949, reached 0.7964 on pound weakness, and is trading not far from it.



Minute of silence from the BOE



The pair have a good time relaxing on the roof of the recent range, as the market has turned its back on the pound, and the looming BOE meeting will hardly change the environment. Moreover, there probably are some uber-bulls who priced in the changes in monetary policy, so another minute of silence from the British monetary authorities may put the pound under mild pressure, but not for long. The upside may be limited by 0.7975 resistance, and the downside is guarded by 0.7953 support.



What are today’s key EUR/GBP levels?



Today's central pivot point can be found at 0.7953, with support below at 0.7941, 0.7931 and 0.7919 with resistance above at 0.7963, 0.7975, and 0.7985. Hourly Moving Averages are largely bullish, with the 200SMA at 0.7960 and the daily 20EMA bearish at 0.7990. Hourly RSI is bullish at 57.



comments powered by Disqus
Related Forex Analysis
  1. NZD/USD Rebounds After Piercing Line Pattern Offered Bullish Signal
    Forex News

    NZD/USD Rebounds After Piercing Line Pattern Offered Bullish Signal

  2. GBP/USD Recovery May Lack Fuel Amid Void Of Reversal Signals
    Forex News

    GBP/USD Recovery May Lack Fuel Amid Void Of Reversal Signals

  3. EUR/USD Descent Stalls As A Doji Candlestick Highlights Hesitation
    Forex News

    EUR/USD Descent Stalls As A Doji Candlestick Highlights Hesitation

  4. USD/JPY recovered from Asian lows at 108.55, but still under pressure
    Forex News

    USD/JPY recovered from Asian lows at 108.55, but still under pressure

  5. AUD/USD Rebounds After Dragonfly Doji Denoted Indecision At 2014 Low
    Forex News

    AUD/USD Rebounds After Dragonfly Doji Denoted Indecision At 2014 Low

Trading Center