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Forex Market: EUR/GBP daily outlook

Mcc0008881During yesterday’s trading session EUR/GBP traded within the range of 0.8356-0.8395 and closed at 0.8358.

At 7:13 GMT today EUR/GBP was gaining 0.04% for the day to trade at 0.8368. The pair touched a session high at 0.8369 at 7:10 GMT.

Fundamental view

The gauge of industrial orders in the United Kingdom probably climbed to a reading of 5 during the three months through March from 3 during the preceding period. This indicator reflects the net balance between companies, that registered an increase in industrial orders during the respective period of three months and those, that registered a drop.

It is the oldest indicator, released from the UK private sector, to show the development tendency in countrys industrial sector. The Confederation of British Industry (CBI) will announce the results of its survey, encompassing 17 industries, at 11:00 GMT.

Technical view

According to Binary Tribune’s daily analysis, in case EUR/GBP manages to breach the first resistance level at 0.8383, it will probably continue up to test 0.8409. In case the second key resistance is broken, the pair will probably attempt to advance to 0.8422.

If EUR/GBP manages to breach the first key support at 0.8344, it will probably continue to slide and test 0.8331. With this second key support broken, the movement to the downside will probably continue to 0.8305.


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