EUR/GBP drifting at the bottom of 3-month range

FXStreet (Moscow) - EUR/GBP opened the day at 0.7924, and made an attempt to rebound reaching 0.7937 in Asia, but had to give up the gains in early Europe.

Reminding of the gap

Currently, EUR/GBP is trading at 0.7921. The cross predictably tumbled to the bottom of 3-month range yesterday, and since the ECB actions confirmed the weakness of the euro zone economy, the potential to go lower, or at least stay at the current levels is quite high for the pair. For now the pair moves may depend on the UK data – strong readings will remind the market of the gap between the euro zone and British economy. In this case, the pair may try to break below the 0.79 psychological support, and head lower. From technical perspective the next target may be found at 0.7889.

What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.7941, with support below at 0.7889, 0.7850 and 0.7798 with resistance above at 0.7980, 0.8032, and 0.8071. Hourly Moving Averages are bearish, with the 200SMA at 0.7948 and the daily 20EMA flat at 0.7960. Hourly RSI is bearish at 37.