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EUR/GBP will have opportunities to break below 0.78…later

FXStreet (Moscow) - EUR/GBP opened the day at 0.7809, and spent the Asian session within 10-pip range; it started Europe around 0.7810 area, and is still there.

Good potential to fall

The just released UK Money Supply and Mortgage Approvals readings were completely ignored by the pair, as the numbers showed mixed picture with Consumer Credit rising above expectations, while Mortgage Approval coming below the forecasts. The cross stuck around the 0.78 area, and so far hasn’t seen enough positive news on the pound’s side to break below the strong support. However, this week may change everything, as another portion UK PMI data is in store coupled with the ECB meeting. Either of the events has the potential to trigger the cross sell-off, and in this case the pair may move lower with the initial target at 0.7797 support.

What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.7810 with support below at 0.7797, 0.7786 and 0.7773, with resistance above at 0.7821, 0.7834, and 0.7846. Hourly Moving Averages are mixed, with the 200SMA bearish at 0.7858 and the daily 20EMA bearish at 0.7899. Hourly RSI is bullish at 50.

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