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EUR/GBP dreams of 0.79, but…

FXStreet (Moscow) - EUR/GBP opened the day at 0.7876, and slowly drifted higher, posting 0.7891 intraday high in early Europe.

Ever since the cross came below 0.79 barrier, it made two attempts to come back. However, the recently released IFO report confirmed that the corporate sector of Germany expects even worse in future, despite the unconventional tools the ECB launched to stimulate the economy. Meanwhile, the pound is getting stronger on revived expectations that the BOE will outpace the Fed in rates hike race. This may help the cross to go further down with initial target at 0.7861 support.

What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.7879 with support below at 0.7861, 0.7844, and 0.7826, with resistance above at 0.7896, 0.7914, and 0.7931. Hourly Moving Averages are mixed, with the 200SMA bearish at 0.7915 and the daily 20EMA flat at 0.7896. Hourly RSI is bullish at 58.

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