EUR/GBP is a whipping boy

By FXstreet.com | August 06, 2014 AAA

FXStreet (Moscow) - EUR/GBP is creeping closer to the by far the most important support of 0.7910/00, though it might prove to be a hard nut to crack for EUR/GBP bears.

EUR/GBP is sinking

EUR/GBP lived through the second disastrous day in a row as British pound began recovering slowly, while EUR tumbled to the lowest of the low. Longer term perspectives of the cross are mired as it is pressed down both by weakening EUR and a potentially stronger GBP that has a good chance to recover from oversold levels. UK industrial production data might be in focus today as investors want to know whether dismal numbers in May was a one-time event. Positive news might support GBP across the board and thus push the cross to the initial bearish aim of 0.7910/00. The intraday upside is likely to be limited by 0.7940.

What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.7935 with support below at 0.7905, 0.7887 and 0.7857, with resistance above at 0.7953, 0.7983, and 0.8001. Hourly Moving Averages are mixed, with the 200SMA bearish at 0.7931 and the daily 20EMA flat at 0.7938. Hourly RSI is bearish at 29.

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