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EUR/GBP turns lower on ECB expectations

FXStreet (Moscow) - EUR/GBP opened the day at 0.7987, and spent most of the time within 10-pip range, currently, heading a bit lower to 0.7980 area.

ECB meeting may turn the tide

The cross has spent most of the third quarter within the 100-pip range swinging back and forth from 0.79 to 0.80. The recent Scottish Independence saga pressured the pound helping the pair to rebound to 0.7980 area. However, the scheduled for today ECB meeting, and the following Draghi’s conference may change the cross direction again. Any hints on weaker euro zone economic outlook, or more stimulus ahead may send the euro tumbling. In this case, 0.7952 support may become the initial target for the cross.

What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.7983, with support below at 0.7971, 0.7952 and 0.7940 with resistance above at 0.8002, 0.8014, and 0.8033. Hourly Moving Averages are largely bullish, with the 200SMA bullish at 0.7952 and the daily 20EMA bullish at 0.7964. Hourly RSI is bearish at 61.

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