FXStreet (Moscow) - EUR/GBP jumped up from 0.80 support area after it failed to break it below.

Game of weak players

The cross is trading in 0.8010/20 area showing no desire to keep testing 0.80 support over and over again. However, EUR/GBP trade will be a tricky one, as both currencies signal the downtrend evolving, so it will be a game of two weak players. For now, as the recollections of the BOE Quarterly Report are still green in investors’ mind, the pound may be the weaker one supporting the demand for the cross. However, the situation may be changed quickly as soon as we get another evidence of weakness from the EMU. The initial target to the upside may lie at 0.8045 resistance, while the downside may be limited by 0.7983 pivot point.

What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.7983, with support below at 0.7946, 0.7884 and 0.7847 with resistance above at 0.8045, 0.8082, and 0.8144. Hourly Moving Averages are bullish, with the 200SMA at 0.7961 and the daily 20EMA flat at 0.7953. Hourly RSI is bullish at 67.

Related Articles
  1. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  2. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  3. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  4. Investing

    Financial News Comparison: Bloomberg Vs. Reuters

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  5. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
  6. Forex Education

    The Top Uses For P2P Currency Exchange

    Peer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
  7. Forex

    Steps To Open An Offshore Forex Account

    Here is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
  8. Entrepreneurship

    Top Forex Trading Apps

    A brief overview of the top apps that help forex traders with on time information, charts and more.
  9. Investing Basics

    The Risks Of Buying Bitcoin

    Virtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
  10. Forex News

    How The Forex "Fix" May Be Rigged

    When it comes to forex, some types of "fixes" are legal. But some really aren't.
  1. No results found.

You May Also Like

Trading Center

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!