EUR/GBP is back to 0.80 area on pound weakness

FXStreet (Moscow) - EUR/GBP opened the day at 0.7972, and resumed the rise posting 5-day high at 0.7999 on pound weakness.

Everything may change

Although the cross has been quite reserved recently holding to 0.7950 area, the situation has changed today with the first important data out of the UK to come. CPI, PPI and RPI will show a complete picture of price pressure within the country. And already now the investors started to price in the possibility of weaker than expected readings. The market will need to see positive developments at least at the producer level, in order to believe in the pound again. The nearest target to the downside in this case may be found at 0.7950, while the upside is defended by 0.8008.

What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.7968, with support below at 0.7950, 0.7928 and 0.7910 with resistance above at 0.8008, and 0.8030. Hourly Moving Averages are bullish, with the 200SMA at 0.7978 and the daily 20EMA flat at 0.7968. Hourly RSI is bullish at 70.