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21 Feb 2014
EUR/GBP tastes the upside, but looks at downside
FXStreet (Moscow) - After consolidation around 0.8220/30, we saw EUR/GBP drifting higher step by step reaching 0.8242 from 0.8231 in early Asia.
The pound is better positioned
The pair is consolidating in narrow ranges, and the narrower the range, the more chances for breakout in short term we have. The question is in direction. Fundamentally, the cable is better positioned given the GDP growth, and the BOE stance. However, the recent series of disappointments from the UK pressured the pound. Today, the British Retail sales may offset the disappointing data, and help the pair to resume the slide with initial target at 0.8216 support level.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8236 with support below at 0.8216, 0.8195 and 0.8175, with resistance above at 0.8257, 0.8277, and 0.8298. Hourly Moving Averages are bullish, with the 200SMA flat at 0.8233 and the daily 20EMA flat at 0.8251. Hourly RSI is neutral at 56.
The pound is better positioned
The pair is consolidating in narrow ranges, and the narrower the range, the more chances for breakout in short term we have. The question is in direction. Fundamentally, the cable is better positioned given the GDP growth, and the BOE stance. However, the recent series of disappointments from the UK pressured the pound. Today, the British Retail sales may offset the disappointing data, and help the pair to resume the slide with initial target at 0.8216 support level.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8236 with support below at 0.8216, 0.8195 and 0.8175, with resistance above at 0.8257, 0.8277, and 0.8298. Hourly Moving Averages are bullish, with the 200SMA flat at 0.8233 and the daily 20EMA flat at 0.8251. Hourly RSI is neutral at 56.