EUR/GBP may go back to 0.79 on the data combination

By FXstreet.com | July 31, 2014 AAA

FXStreet (Moscow) - EUR/GBP opened the day at 0.7928, slid to 0.7925 low, but rebounded to 0.7935 area.



Nothing is lost



Despite the usual peace and quiet in Asia, the pound managed to show some downward movement triggering the opposite direction in EUR/GBP. While the sterling stays under pressure, not everything is lost for the pair from the point of 0.79 breakout, as there are two factors in Europe able to trigger the move. First we will have EMU PMI data that may confirm the weakness within the regional economy, and second, we will see UK PMI that has been demonstrating strong levels for a long time. Both factors combined may put the pair under pressure with initial target at 0.7902.



What are today’s key EUR/GBP levels?



Today's central pivot point can be found at 0.7929, with support below at 0.7914, 0.7899 and 0.7884 with resistance above at 0.7944, 0.7959, and 0.7974. Hourly Moving Averages are bullish, with the 200SMA at 0.7914 and the daily 20EMA flat at 0.7933. Hourly RSI is bearish at 47.



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