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EUR/GBP touched 0.7979, and turned around

FXStreet (Moscow) - EUR/GBP opened the day at 0.7970, tried to rise reaching 0.7979, but turned around, and slid to 0.7963 by the moment.

Trick or retreat?

EUR/GBP neared 0.80 area on Friday, but we didn’t see any attempts to break above, as Monday brought the moderate correction lower in expectation of key reports out of the EMU and the UK. The first to focus on is the German ZEW report. Given the long-term trend of the indicator missing the forecasts, the chances to see another weak number are quite high, and in this scenario the move lower may gather the pace. The initial target to the downside may lie at 0.7952.

What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.7979, with support below at 0.7963, 0.7952 and 0.7936 with resistance above at 0.7990, 0.8006, and 0.8017. Hourly Moving Averages are mixed, with the 200SMA bearish at 0.8203 and the daily 20EMA bullish at 0.7946. Hourly RSI is bullish at 59.

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