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EUR/GBP - new rally is not ruled out

EUR/GBP - new rally is not ruled out

FXStreet (Moscow) - EUR/GBP opened the day at 0.7961, made an attempt to slid below 0.7950 area in Asia, but failed and rebounded to current 0.7966.

The pair was quite volatile this morning, as had to react to both the pound, and the euro moves. The cross retreated from monthly highs above 0.80, but the comeback is still not ruled out given the fundamental picture. Recent BOE’s chief economist comments on weak British data, and possible rate hike delay pressured the pound, and fueled the cross rally to 0.7980. The first attempt to break above the pivot point failed, but there could be more ahead, with next target to the upside at 0.7929.

What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.7980 with support below at 0.7929, 0.7897 and 0.7846, with resistance above at 0.8012, 0.8063, and 0.8095. Hourly Moving Averages are largely bullish, with the 200SMA at 0.7911 and the daily 20EMA bullish at 0.7901. Hourly RSI is bullish at 53.

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