EUR/GBP turned around for testing 0.80 support

By FXstreet.com | Updated August 18, 2014 AAA

FXStreet (Moscow) - EUR/GBP gapped lower at the open at 0.8007, and is now working on 0.80 to break below.

Whose GDP is higher?

The cross may have come to the turning point this week, as the corrective sentiment on the euro is fading away, and the pound, on the opposite, may have a chance to recover after it came over the worst it could. Besides, the market may focus on the broader picture, and the picture says that while the EMU is on the brink of recession, the UK showed the highest GDP level from the end of 2007 in the second quarter. The empty economic calendar may be a problem for today, however, even geopolitical risks may play in favor of the British currency. If 0.80 breakout confirmed, the next target may lie at 0.7993 followed by 0.7982.

What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.8011, with support below at 0.7993, 0.7982 and 0.7976 with resistance above at 0.8022, 0.8040, and 0.8051. Hourly Moving Averages are largely bearish, with the 200SMA bullish at 0.7972 and the daily 20EMA bullish at 0.7965. Hourly RSI is bearish at 34.

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