German data is another argument for EUR/GBP slide

By FXstreet.com | July 04, 2014 AAA

FXStreet (Moscow) - EUR/GBP is edging lower in the morning starting the day at 0.7932, and sliding to 0.7918 session low at the moment.



It’s just the matter of time



The economic calendar is practically empty for today. Moreover, the American markets are closed for Independence Day. However, the pair still moving, and moving in the right direction, as recent economic developments and Draghi comments left no choice for the cross. Just release German data only supported the view that the euro zone growth has very fragile nature. And in such circumstances the breakout below 0.79 is just the matter of time.



What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.7946, with support below at 0.7918, 0.7903 and 0.7875 with resistance above at 0.7961, 0.7989, and 0.8004. Hourly Moving Averages are bearish, with the 200SMA at 0.7991 and the daily 20EMA bearish at 0.8013. Hourly RSI is bearish at 30.



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