EUR/GBP may be ready to go below 0.79

By FXstreet.com | July 16, 2014 AAA

FXStreet (Moscow) - EUR/GBP opened the day at 0.7913, and wiggled within 6-pip range in the morning sliding to 0.7906 low at the moment.



Perfect storm



The pair already saw the perfect storm yesterday with euro falling on Portuguese problems, and the pound rising on stronger than expected CPI readings. Today another catalyst from the UK is in focus – better than expected labor report may support the move lower with the possibility of breakout below 0.79 area. In this case the initial target may be at 0.7891 support.



What are today’s key EUR/GBP levels?



Today's central pivot point can be found at 0.7936, with support below at 0.7891, 0.7864 and 0.7819 with resistance above at 0.7963, 0.8008, and 0.8035. Hourly Moving Averages are bearish, with the 200SMA at 0.7943 and the daily 20EMA flat at 0.7975. Hourly RSI is bearish at 29.



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