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EUR/GBP has a dream – to break 0.79

FXStreet (Moscow) - EUR/GBP spent most of the Asian trades around 0.7870, before a splash of demand on the euro helped the pair to reach 0.7890.

How to break the resistance?

Now, when the cross is left without any significant catalysts, it may continue its move higher fueled by recent profit-taking after a long period of the euro sell-off. The cross managed to come closer to 0.79 area, not seen since the middle of September. The attempts to break out the mentioned resistance are not ruled out. However, there are very few chances to see a sustained move higher without any significant fundamental catalyst.

What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.7879 with support below at 0.7856, followed by 0.7837 and 0.7814, with resistance above at 0.7898, followed by 0.7921, and 0.7940. Hourly Moving Averages are mixed, with the 200SMA bullish at 0.7832 and the daily 20EMA flat at 0.7868. Hourly RSI is bullish at 63.

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