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10 Mar 2014
EUR/GBP broke above 0.83 on pound weakness
FXStreet (Moscow) - EUR/GBP broke above 0.83 resistance area and reached 0.8325 by the moment.
Consolidation mode is OFF
After a several days of rising, EUR/GBP looked like already reached the upper limit around 0.83 resistance area, and given the absence of key reports from the EMU and UK for today, we could expect mild consolidation around the mentioned area. Nevertheless, the pair broke above 0.83 on barren calendar in the European open, and reached monthly high at 0.8325 by the moment. The move is rooted from the sudden pound weakness now explained by any fundamental reasons. Most probably, it’s the case of profit-taking by some institutional investor. The upside is limited by 0.8338, and the downside – by 0.8278 support level.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8290 with support below at 0.8278, 0.8260 and 0.8248, with resistance above at 0.8308, 0.8320, and 0.8338. Hourly Moving Averages are bullish, with the 200SMA at 0.8239 and the daily 20EMA bullish at 0.8249. Hourly RSI is neutral at 59.
Consolidation mode is OFF
After a several days of rising, EUR/GBP looked like already reached the upper limit around 0.83 resistance area, and given the absence of key reports from the EMU and UK for today, we could expect mild consolidation around the mentioned area. Nevertheless, the pair broke above 0.83 on barren calendar in the European open, and reached monthly high at 0.8325 by the moment. The move is rooted from the sudden pound weakness now explained by any fundamental reasons. Most probably, it’s the case of profit-taking by some institutional investor. The upside is limited by 0.8338, and the downside – by 0.8278 support level.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8290 with support below at 0.8278, 0.8260 and 0.8248, with resistance above at 0.8308, 0.8320, and 0.8338. Hourly Moving Averages are bullish, with the 200SMA at 0.8239 and the daily 20EMA bullish at 0.8249. Hourly RSI is neutral at 59.