Shock and awe is not for EUR/GBP - tied to 0.7980

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Moscow) - EUR/GBP is also very cautious in its moves floating around 0.7980 in expectation of new catalysts.



Anyone else but Carney



Despite the recent attempt to go back above 0.80 area, the cross is still unsure of the direction, as the MPC minutes may resume the demand on the sterling. The market expects to see some new evidence of changing the mood within the MPC camp. And if any other member apart from Carney voices the need for tightening we may see the pair moving lower with initial target at 0.7961 support. However, the monetary status quo for the market will mean “sell the pound”, and may help the pair to come back to 0.80 area again.



What are today’s key EUR/GBP levels?



Today's central pivot point can be found at 0.7992, with support below at 0.7974, 0.7961 and 0.7943 with resistance above at 0.8005, 0.8023, and 0.8036. Hourly Moving Averages are mostly bearish, with the 200SMA at 0.8049 and the daily 20EMA bearish at 0.8079. Hourly RSI is bullish at 46.



You May Also Like

Related Forex Analysis
  1. Forex News

    Euro Flounders at Yearly Lows as Likelihood of ECB QE Increases

  2. Forex News

    EUR/GBP hovers around 20-day SMA

  3. Forex News

    EUR/GBP recovers from 2-week low

  4. Forex News

    EUR/GBP Technical Analysis: Short Position Now in Play

  5. Forex News

    EUR/GBP drops further below 0.7860

Trading Center