29 Apr 2014
EUR/GBP retreats from 0.8250 resistance
FXStreet (Moscow) - EUR/GBP opened the day at 0.8240 and was ticking higher in the morning, but the pound strength helped the pair move to 0.8236 low.
The pound will control the move
We already got the German Gfk data confirming the unchanged consumer sentiment at 8.5, and supporting the single currency mildly. And we already heard the BOE’s Carney saying the UK recovery broadening, and supporting the pound. Now it's the pound's turn to control the pair move. Scheduled for release GDP numbers for the first three months of the year are very important, as they may confirm again the fastest among the G7 pace of British economy growth. If so, wait for the move lower with initial target at 0.8224 support level. However, the pair is busy testing 0.8250 area at the moment, and although the resistance is a hard one, the euro recovery in EUR/USD may support the move higher with initial target at 0.8263.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8234, with support below at 0.8224, 0.8205 and 0.8195, with resistance above 0.8253, 0.8263, and 0.8282. Hourly Moving Averages are bullish, with the 200SMA at 0.8227 and the daily 20EMA bearish at 0.8250. Hourly RSI is bullish at 57.
The pound will control the move
We already got the German Gfk data confirming the unchanged consumer sentiment at 8.5, and supporting the single currency mildly. And we already heard the BOE’s Carney saying the UK recovery broadening, and supporting the pound. Now it's the pound's turn to control the pair move. Scheduled for release GDP numbers for the first three months of the year are very important, as they may confirm again the fastest among the G7 pace of British economy growth. If so, wait for the move lower with initial target at 0.8224 support level. However, the pair is busy testing 0.8250 area at the moment, and although the resistance is a hard one, the euro recovery in EUR/USD may support the move higher with initial target at 0.8263.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8234, with support below at 0.8224, 0.8205 and 0.8195, with resistance above 0.8253, 0.8263, and 0.8282. Hourly Moving Averages are bullish, with the 200SMA at 0.8227 and the daily 20EMA bearish at 0.8250. Hourly RSI is bullish at 57.