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EUR/GBP posted 2-week high at 0.7879

FXStreet (Moscow) - EUR/GBP opened the day at 0.7870, retreated to 0.7858 session low at the European opening, before rebounding to current 0.7879 on weaker pound.

Market sentiment rules

The cross is gradually recovering the positions lost during the last two weeks of September, although the current move has no fundamental basis under it. In spite of weak German data released this week, and quite stable British numbers, the market chose to buy euros. It means, the oversold nature of the single currency for now is the key catalyst of moves, and the pair may still continue the recovery on the back of market sentiment with the next target to the upside at 0.7885 resistance, followed by 0.7899 once broken.

What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.7861 with support below at 0.7847, followed by 0.7823 and 0.7809, with resistance above at 0.7885, followed by 0.7899, and 0.7923. Hourly Moving Averages are mixed, with the 200SMA bullish at 0.7824 and the daily 20EMA flat at 0.7867. Hourly RSI is bearish at 52.

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