EUR/GBP is struggling to regain control of 0.79

By FXstreet.com | July 17, 2014 AAA

FXStreet (Moscow) - EUR/GBP opened the day at 0.7891, hesitated a bit, and edged higher tracing the pound weakness; it is trading at 0.79 are at the moment.



Below 0.79



The pair finally broke below 0.79 area yesterday, although it was not an easy task to do. Despite the mild attempts to settle above 0.79 again, the move may be of short-term nature.The weakness of the euro is the key factor for now, and since the CPI data from the euro zone is on tap, we may get another reason to move. If inflation data doesn’t meet expectations significantly, it may trigger the pair’s reaction. Otherwise, the cross is bound for consolidation on the back of very few catalysts.



What are today’s key EUR/GBP levels?



Today's central pivot point can be found at 0.7901, with support below at 0.7880, 0.7869 and 0.7848 with resistance above at 0.7912, 0.7933, and 0.7944. Hourly Moving Averages are bearish, with the 200SMA at 0.7939 and the daily 20EMA bearish at 0.7967. Hourly RSI is bearish at 30.



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