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EUR/GBP testing the range bottom before the UK data

FXStreet (Moscow) - EUR/GBP opened the day at 0.7961, and moved down pressured by pound strength; it’s trading at 0.7947.

Too many events

Range-bound trading is still here, and the number of news ahead may give a lot of reasons to rise and fall within 0.7940-0.80 range. The cross already slid all the way down to the bottom of the range, and is trying to break below. The looming UK employment report and MPC minutes may give the pair the needed fuel to break one of the boundaries. However, the move may be short-lived given the scheduled for Thursday ECB’s TLTRO auction, and Scotland referendum. The next target to the downside may lie at 0.7923 support, while the upside may be defended by 0.7996.

What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.7977, with support below at 0.7943, 0.7923 and 0.7890 with resistance above at 0.7996, and 0.8049. Hourly Moving Averages are bearish, with the 200SMA at 0.7979 and the daily 20EMA flat at 0.7967. Hourly RSI is bearish at 30.

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