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EUR/GBP sandwiched in a range below 0.7800

FXStreet (Moscow) - EUR/GBPis oscillating between 0.7800 resistance on the upside and 0.7790 on the downside ahead of the key risk event of the week.

Draghi rules the day

EUR/GPB bears failed to push the cross towards new lows on Wednesday. This fact might signal that further downside may be limited, at least until ECB’s decision is out. All macroeconomic events live in shadow of ECB’s monetary policy decision and Draghi’s press conference, thus, keep your eyes peeled for signs of verbal interventions or hints on imminent QE from Draghi. They may put EUR under pressure and push EUR/GBP towards 0.7760 and then towards strong demand at 0.7755.

What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.7789 with support below at 0.7777, 0.7755 and 0.7743, with resistance above at 0.7811, 0.7823, and 0.7845. Hourly Moving Averages are mixed, with the 200SMA bearish at 0.7820 and the daily 20EMA bearish at 0.7873. Hourly RSI is bullish at 52.

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