EUR/GBP shows some zigzag moves

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Moscow) - EUR/GBP opened the day at 0.7948, spent some time in narrow ranges, reached 0.7964 session high, but slid to 0.7950 area by the moment.



Two factors of pressure



The initial agitation about the European positive opening faded away, and left the pair without fuel to move higher. Although the pair feels at home trading around 0.7950 since the start of July, the coming week may give the cross all the reasons to abandon the area. Portuguese woes coupled with the possibility of dovish Draghi comments during tonight’s speech may start pressuring the pair during the European session, and in this case the next target may become 0.7923 support.



What are today’s key EUR/GBP levels?



Today's central pivot point can be found at 0.7949, with support below at 0.7938, 0.7923 and 0.7912 with resistance above at 0.7964, 0.7975, and 0.7990. Hourly Moving Averages are flat, with the 200SMA at 0.7947 and the daily 20EMA bearish at 0.7982. Hourly RSI is bullish at 53.



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