1 May 2014
EUR/GBP may come back above 0.8230
FXStreet (Moscow) - EUR/GBP opened the day at 0.8217, spent some time in close vicinity, and edged higher to 0.8227, supported by euro strength.
A downtrend is delayed
As soon as we believed in downtrend resumption, the pair made a turnaround from 0.82 support area, and edged higher again due to the broad euro strength. Nevertheless, the move may stop around 0.8230 area, as the investors are still not ready to buy the single currency aggressively given the possibility of new wave of jawboning from the ECB officials. Besides, the pair may be pressured today by strong UK PMI readings. If data supports the strong recovery in the British manufacturing sector, the come back to 0.82 support area is not ruled out with next target at 0.8175.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8217, with support below at 0.8197, 0.8175 and 0.8155, with resistance above 0.8239, 0.8259, and 0.8281. Hourly Moving Averages are mixed, with the 200SMA at 0.8224 and the daily 20EMA bearish at 0.8244. Hourly RSI is bearish at 49.
A downtrend is delayed
As soon as we believed in downtrend resumption, the pair made a turnaround from 0.82 support area, and edged higher again due to the broad euro strength. Nevertheless, the move may stop around 0.8230 area, as the investors are still not ready to buy the single currency aggressively given the possibility of new wave of jawboning from the ECB officials. Besides, the pair may be pressured today by strong UK PMI readings. If data supports the strong recovery in the British manufacturing sector, the come back to 0.82 support area is not ruled out with next target at 0.8175.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8217, with support below at 0.8197, 0.8175 and 0.8155, with resistance above 0.8239, 0.8259, and 0.8281. Hourly Moving Averages are mixed, with the 200SMA at 0.8224 and the daily 20EMA bearish at 0.8244. Hourly RSI is bearish at 49.