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EUR/GBP treading water around 0.80, waiting for UK data

FXStreet (Moscow) - EUR/GBP opened the day at 0.8004, and decided to retreat a bit posting 0.7998 session low in Europe.

New tests

EUR/GBP came back above 0.80 again. However, the pair may have another test in form of the UK industrial data, and Mark Carney’s speech today. The report is expected to show stronger levels, but we need to see positive surprises for the pair to react significantly. As for the BOE chairman, the market will scrutinize every word of Carney in order to understand whether the MPC is changing its policy stance. Given the oversold nature of the pound, any positive hints may trigger an exaggerated reaction with the nearest target at 0.7977 support.

What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.8008, with support below at 0.7977, 0.7948 and 0.7917 with resistance above at 0.8037, 0.8068, and 0.8097. Hourly Moving Averages are bullish, with the 200SMA at 0.7955 and the daily 20EMA bullish at 0.7962. Hourly RSI is bullish at 54.

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