During yesterday’s trading session EUR/GBP traded within the range of 0.8220-0.8245 and closed at 0.8228.
At 6:35 GMT today EUR/GBP was losing 0.02% for the day to trade at 0.8230. The pair touched a daily low at 0.8227 at 00:45 GMT.
Fundamental view
Retail Sales in the UK probably fell by 0.4% in March, according to the median analysts estimates. In February retail sales rose by 1.7%.
The indicator measures the change in the volume of sales made by retailers in the UK. The information is derived from a monthly survey among major retailers. Higher volumes of retail sales mean greater consumer demand, higher production and economic growth. This is the percentage change in the index from the previous month.
On year-over-year basis, retail sales probably rose by 3.8% last month, following a 3.7% increase in February.
The Office for National Statistics is scheduled to release an official report at 8:30 GMT. Higher-than-expected readings will certainly heighten the appeal of the pound.
Technical view
According to Binary Tribune’s daily analysis, in case EUR/GBP manages to breach the first resistance level at 0.8242, it will probably continue up to test 0.8256. In case the second key resistance is broken, the pair will probably attempt to advance to 0.8267.
If EUR/GBP manages to breach the first key support at 0.8217, it will probably continue to slide and test 0.8206. With this second key support broken, the movement to the downside will probably continue to 0.8192.
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