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FXstreet.com (Barcelona) - EUR/GBP has found support at the daily pivot point having climbed through the Asia session before sharply retracing all gains ahead of the European open.

Spot posted an overnight high at 0.8117 before sharply retracing to post a low at 0.8096 before finding support at 0.8101, between the key round number and the daily pivot point at 0.8103. Spot is currently facing a touch of short term resistance from the hourly 20 MA at 0.8107 and the 55 MA at 0.8112. Hourly RSI sits at 47 and looks to have an upside bias. Calendar wise this morning has seen German Retail Sales better expectations alongside Spanish Services PMI. Italian, French, German and EU PMI follow respectively, starting at 08:43 and continuing every five minutes onwards. UK Services PMI is due at 09:28 GMT, followed by Consumer Credit, M4 Money Supply, Mortgage Approvals and Net Lending to Individuals at 09:30 GMT. Italian CPI and EU CPI round off the European Calendar. However, with NFP´s to follow later this afternoon, there is little doubt where the bulk of attention lies today. Danske analysts are long the pair at 0.8112 for a 0.8225 objective with a stop at 0.8062.

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