FXStreet (Moscow) - EUR/GBP started at 0.8008, lost 4 pips, but now is trying to rebound.

Now when we know…

As the euro zone markets are closed for Assumption day the market may focus on the only key data in Europe – the UK Q2 GDP readings. We already questioned the possibility of the report to restore the pound’s reputation when talking about GBP/USD. However, in the cross case it’s absolutely different matter, as the EMU economy already confirmed its weakness with German negative growth and the euro zone stagnation. If the UK growth comes out above expectations, it may fuel the demand on the pound against the euro, and may help to break below 0.80 area with the next target at 0.7978.

What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.8015, with support below at 0.7994, 0.7978 and 0.7957 with resistance above at 0.8031, 0.8052, and 0.8068. Hourly Moving Averages are bullish, with the 200SMA at 0.7965 and the daily 20EMA bullish at 0.7958. Hourly RSI is bullish at 55.

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