FXStreet (Mumbai) - The offered tone around EUR strengthened, pushing the EUR/GBP pair back below 0.80 as investors expect Draghi to stress the need to do more to combat deflation. Hovers below hourly 50-MA The cross is trading just below the hourly 50-MA located at 0.7689 levels. The investors believe ECB’s Draghi could hint at a more easing in March since the slide in oil prices is likely to push the Eurozone in deflation. The bearish pressure also increased on account of the uptick in the European stocks. The pair now trades around 0.7683 levels; still up 0.10% on the day. EUR/GBP Technical Levels The immediate resistance is seen at 0.7715 (daily high). A break higher could see the cross re-test previous session’s high of 0.7755. On the other hand, a break below 0.7669 (previous day’s high) would open doors for a slide to 5-DMA at 0.7643. For more information, read our latest forex news.