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EUR/GBP will need to take a pause before another attack on 0.83

FXStreet (Moscow) - EUR/GBP rebounded from 0.8308 session high back to 0.8290 area at the moment

Unbreakable 0.83

The attempt to break above 0.83 resistance area did fail again, and the pair rushed back to 0.8278 session low in order to take a pause, and think before another attack. The rumors on the ECB doubts about further monetary policy course invaded the market, and made some investors cut long positions on the euro. The weak March CPI data, and recently released worse than expected PPI from the EMU only supported the view that deflationary pressure is evolving within the region, and the stronger the euro, the lower the prices. Now the question is what will the ECB focus on – inflation or periphery recovery? Since the meeting is scheduled on Thursday we don’t expect much moving today, and the resistance at 0.83 will stay intact for the time being.

What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.8287 with support below at 0.8268, 0.8240 and 0.8221, with resistance above at 0.8315, 0.8334, and 0.8362. Hourly Moving Averages are largely bullish, with the 200SMA at 0.8319 and the daily 20EMA bearish at 0.8310. Hourly RSI is neutral at 71.

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