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3 Apr 2014
EUR/GBP gets fuel from UK data – on the way to 0.83
FXStreet (Moscow) - The pair was impressed by weak UK data. Having made a daily high at 0.8294 and low at 0.8259, EUR/GBP spot is up 0.11% on the day and presently trading at 0.8289.
British PMI helps the move
Despite the series of weaker than expected euro zone PMI data, the pair preferred to focus on disappointing UK numbers. March UK Markit/CIPS services PMI came out worse than expected at 57.6 vs 58.1, and 58.2 previously. Since it was the third disappointment in a row from the UK during the week the pound reacted with a broad sell-off helping the pair rally with 0.83 on the horizon. The looming ECB meeting may help the move, as the unchanged monetary policy stance is expected. If 0.83 is broken we may see the next target at 0.8330.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8287 with support below at 0.8262, 0.8244 and 0.8219, with resistance above at 0.8305, 0.8330, and 0.8348. Hourly Moving Averages are largely bearish, with the 200SMA at 0.8310 and the daily 20EMA flat at 0.8308. Hourly RSI is neutral at 42.
British PMI helps the move
Despite the series of weaker than expected euro zone PMI data, the pair preferred to focus on disappointing UK numbers. March UK Markit/CIPS services PMI came out worse than expected at 57.6 vs 58.1, and 58.2 previously. Since it was the third disappointment in a row from the UK during the week the pound reacted with a broad sell-off helping the pair rally with 0.83 on the horizon. The looming ECB meeting may help the move, as the unchanged monetary policy stance is expected. If 0.83 is broken we may see the next target at 0.8330.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8287 with support below at 0.8262, 0.8244 and 0.8219, with resistance above at 0.8305, 0.8330, and 0.8348. Hourly Moving Averages are largely bearish, with the 200SMA at 0.8310 and the daily 20EMA flat at 0.8308. Hourly RSI is neutral at 42.