EUR/GBP shows attempts of a rebound, but may slide back again

By FXstreet.com | Updated August 05, 2014 AAA

FXStreet (Moscow) - EUR/GBP opened the day at 0.7957, slid to 0.7954, and is trying to rebound at the moment.



Waiting for PMI



While the pound is retreating from the session highs, the cross is trying to rebound. The pair reversed the move, as yesterday’s EMU Investors’ Sentiment Index confirmed the unstable stance of the euro zone economy, and the UK Construction PMI gave a hope that recent disappointments from Britain is not a trend. The cross retreated from recent highs area around 0.7980, and is on the way to 0.7950 support waiting for new PMI data from the EMU and UK to come.



What are today’s key EUR/GBP levels?



Today's central pivot point can be found at 0.7967, with support below at 0.7950, 0.7940 and 0.7923 with resistance above at 0.7977, 0.7994, and 0.8004. Hourly Moving Averages are mixed, with the 200SMA bullish at 0.7928 and the daily 20EMA bullish at 0.7939. Hourly RSI is bearish at 41.



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