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EUR/GBP refreshed 2-year low below 0.78

FXStreet (Moscow) - EUR/GBP opened the day at 0.7820, drifted lower throughout the Asian session, and posted more than 2-year low at 0.7789 in Europe; it rebounded to 0.7805 currently.

No news is good news for pound

The cross is testing 0.78 support showing strong desire to move further below this area. Absence of economic data complicates the task, however, in case of pound no news may become good news, as the euro zone data keeps bringing evidence of economic weakness. The recent Draghi comments on the possibility of additional stimulus impressed the market, and sent the cross lower. If the mentioned support is broken, it may open the way to 0.7763.

What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.7829 with support below at 0.7804, 0.7788 and 0.7763, with resistance above at 0.7845, 0.7870, and 0.7886. Hourly Moving Averages are bearish, with the 200SMA at 0.7895 and the daily 20EMA bearish at 0.7918. Hourly RSI is bearish at 25.

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