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EUR/GBP stopped testing 0.80, and moved up

FXStreet (Moscow) - EUR/GBP jumped up from 0.80 support area after it failed to break it below.

Game of weak players

The cross is trading in 0.8010/20 area showing no desire to keep testing 0.80 support over and over again. However, EUR/GBP trade will be a tricky one, as both currencies signal the downtrend evolving, so it will be a game of two weak players. For now, as the recollections of the BOE Quarterly Report are still green in investors’ mind, the pound may be the weaker one supporting the demand for the cross. However, the situation may be changed quickly as soon as we get another evidence of weakness from the EMU. The initial target to the upside may lie at 0.8045 resistance, while the downside may be limited by 0.7983 pivot point.

What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.7983, with support below at 0.7946, 0.7884 and 0.7847 with resistance above at 0.8045, 0.8082, and 0.8144. Hourly Moving Averages are bullish, with the 200SMA at 0.7961 and the daily 20EMA flat at 0.7953. Hourly RSI is bullish at 67.

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