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Sep 12, 2014
EUR/GBP slowly drifting at 0.7950
FXStreet (Moscow) - EUR/GBP opened the day at 0.7951, and slowly drifted higher posting 0.7967 before a retreat to 0.7950 area.
No limits for a fall
The cross came back to the middle of 3-month range, and now everything will depend on the strength of the pound recovery. It looks like the market already got rid of its Scotland obsession, and if it really so, there is good potential to see further drift lower of the cross. The economic and monetary policy gap between the euro zone and the UK is getting wider, and as soon as the market completely abandons the referendum saga, there won’t be any barriers to go lower.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.7957, with support below at 0.7935, 0.7920 and 0.7898 with resistance above at 0.7972, 0.7994, and 0.8009. Hourly Moving Averages are largely bearish, with the 200SMA at 0.7974 and the daily 20EMA flat at 0.7967. Hourly RSI is bearish at 44.
No limits for a fall
The cross came back to the middle of 3-month range, and now everything will depend on the strength of the pound recovery. It looks like the market already got rid of its Scotland obsession, and if it really so, there is good potential to see further drift lower of the cross. The economic and monetary policy gap between the euro zone and the UK is getting wider, and as soon as the market completely abandons the referendum saga, there won’t be any barriers to go lower.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.7957, with support below at 0.7935, 0.7920 and 0.7898 with resistance above at 0.7972, 0.7994, and 0.8009. Hourly Moving Averages are largely bearish, with the 200SMA at 0.7974 and the daily 20EMA flat at 0.7967. Hourly RSI is bearish at 44.