EUR/GBP may retreat after 0.8270 testing

FXStreet (Moscow) - EUR/GBP moved higher testing 0.8270 resistance at the moment from 0.8260 at the open.

Balancing between the data

The pair retreated from the recent highs, but didn’t even reach 0.8250 support area before we saw another move up. The rebound may gain the momentum if the EMU data come out above expectations, and the British CPI disappoints. However, the chances of such scenario are pretty slim, as we already seen some negative developments in German economy due to appreciating single currency. Export oriented nature of the largest European economy makes it sensitive to strong euro, and the scheduled for released ZEW data may reflect the growing fears in business sector. If so, the nearest resistance around 0.8280 area may become the spring board, to dive lower again with initial target at 0.8247 support followed by 0.8233.

What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.8266 with support below at 0.8247, 0.8233 and 0.8214, with resistance above at 0.8280, 0.8299, and 0.8313. Hourly Moving Averages are mixed, with the 200SMA at 0.8266 and the daily 20EMA bearish at 0.8285. Hourly RSI is bearish at 47.

AUD supported by RBA minutes, German ZEW numbers could disappoint

The Australian dollar was given some support overnight by the release of the minutes from the Reserve Bank of Australia’s April board minutes. The central bank minutes reaffirmed the bank’s neutral bias. Notable in its absence was any talk of the Aussie dollar being “uncomfortably high” as we have heard from RBA officials in recent months.
مزید پڑھیں Previous

GBP/USD breaches 1.6700

Increasing selling pressure around the sterling is now dragging the GBP/USD to test fresh multi-day lows in the 1.6690/85 region...
مزید پڑھیں Next