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EUR/GBP digs the bottom of 3-week range

FXStreet (Moscow) - EUR/GBP opened the day at 0.7880, and got under pressure from early trades, sliding to 2.5-week low at 0.7854; currently it’s trading at 0.7860.

The recent FOMC accompanying statement release focused the market attention on policy course divergence again, and it helped the pound to strengthen at least against the euro. The cross returned to the bottom of the 3-week range, and may try to break below 0.7860 bottom in case of weaker-than-expected inflation data out of the EMU. In this scenario the initial target to the downside may be located at 0.7836 support.

What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.7883 with support below at 0.7860, 0.7836, and 0.7813, with resistance above at 0.7907, 0.7930, and 0.7954. Hourly Moving Averages are bearish, with the 200SMA at 0.7889 and the daily 20EMA flat at 0.7894. Hourly RSI is bearish at 29.

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