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EUR/GBP targets Friday highs on pound weakness

FXStreet (Moscow) - EUR/GBP is aimed to settle above 0.7850 area, as it rebounded from 0.7827 early European low.

The way to go down

The cross had to return above 0.78 again last week, as soon as it saw disappointing UK Services PMI data confirming the service oriented British economy may have lost one of the key drivers of growth. And although it keeps moving up today, the move higher it not an easy task. The market remembers the euro zone area is still in big trouble, especially on the back of recent German Manufacturing PMI crossing below 50-point waterline. If German data keeps sending the signals of weaker industrial growth, it may help the pair to go back to recent lows again with initial target at 0.7816 support.

What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.7839 with support below at 0.7816, 0.7798 and 0.7775, with resistance above at 0.7857, 0.7880, and 0.7898. Hourly Moving Averages are mixed, with the 200SMA at 0.7816 and the daily 20EMA bearish at 0.7867. Hourly RSI is bearish at 45.

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