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8 Jan 2014
EUR/GBP is still directionless, but soon it will be changed
FXstreet.com (Moscow) - EUR/GBP is consolidating around 0.8304 daily pivot point after a rebound from the nearest resistance level at 0.8316.
The breakout is looming
The pair is in consolidation, and the range is getting tighter every coming day. It’s a good sign the sharp breakout is coming, but the question is in direction. In case when there is lack of national economic data and looming big event from the USA, the reaction is hard to forecast. Nevertheless, if we take into consideration the difference in monetary policy course of the FED, the ECB and the BOE, we may see some weakness of EUR/GBP if we see positive FOMC minutes. In such case, the first target will be at 0.8285 support level followed by 0.8273.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8304 with support below at 0.8285 (S1), 0.8273 (S2) and 0.8254 (S3), with resistance above at 0.8316 (R1), 0.8335 (R2), and 0.8347 (R3). Hourly Moving Averages are largely bullish, with the 200SMA bearish at 0.8322 and the daily 20EMA bearish at 0.8338. Hourly RSI is neutral at 54.
The breakout is looming
The pair is in consolidation, and the range is getting tighter every coming day. It’s a good sign the sharp breakout is coming, but the question is in direction. In case when there is lack of national economic data and looming big event from the USA, the reaction is hard to forecast. Nevertheless, if we take into consideration the difference in monetary policy course of the FED, the ECB and the BOE, we may see some weakness of EUR/GBP if we see positive FOMC minutes. In such case, the first target will be at 0.8285 support level followed by 0.8273.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8304 with support below at 0.8285 (S1), 0.8273 (S2) and 0.8254 (S3), with resistance above at 0.8316 (R1), 0.8335 (R2), and 0.8347 (R3). Hourly Moving Averages are largely bullish, with the 200SMA bearish at 0.8322 and the daily 20EMA bearish at 0.8338. Hourly RSI is neutral at 54.