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.



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