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31 Mar 2014
EUR/GBP might be discouraged ahead of 0.8300 option barrier
FXStreet (Moscow) - EUR/GBP broke above the Asian hits at 0.8281 and touched 0.8293 before the upside momentum began to fade
It is all about EUR now
EUR/GBP virtually ignored the UK macroeconomic data (both net consumer credit and mortgage approvals came out below expectations, while M4 has grown strongly), but it was truly impressed by Eurozone CPI numbers. The cross knee-jerked to the intraday low of 0.8245. but instantly made a U-turn and rushed to new highs at 0.8290. EUR/GBP moves in unison with general EUR/USD dynamics, which is surprisingly positive despite lower than expected inflation numbers. The key resistance for EUR/GBP comes at 0.8300, enhanced by the option barrier. Once it is broken the upside will accelerate to 0.8340. On the downside the support is seen at 0.8277 (1h 50 EMA).
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8265 with support below at 0.8245, 0.8226 and 0.8206, with resistance above at 0.8284, 0.8304, and 0.8323. Hourly Moving Averages are largely bearish, with the 200SMA at 0.8342 and the daily 20EMA bearish at 0.8317. Hourly RSI is neutral at 46.
It is all about EUR now
EUR/GBP virtually ignored the UK macroeconomic data (both net consumer credit and mortgage approvals came out below expectations, while M4 has grown strongly), but it was truly impressed by Eurozone CPI numbers. The cross knee-jerked to the intraday low of 0.8245. but instantly made a U-turn and rushed to new highs at 0.8290. EUR/GBP moves in unison with general EUR/USD dynamics, which is surprisingly positive despite lower than expected inflation numbers. The key resistance for EUR/GBP comes at 0.8300, enhanced by the option barrier. Once it is broken the upside will accelerate to 0.8340. On the downside the support is seen at 0.8277 (1h 50 EMA).
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8265 with support below at 0.8245, 0.8226 and 0.8206, with resistance above at 0.8284, 0.8304, and 0.8323. Hourly Moving Averages are largely bearish, with the 200SMA at 0.8342 and the daily 20EMA bearish at 0.8317. Hourly RSI is neutral at 46.