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Forex Market: EUR/GBP daily forecast

During yesterday’s trading session EUR/GBP traded within the range of 0.8194-0.8226 and closed at 0.8206.

At 6:31 GMT today EUR/GBP was losing 0.11% for the day to trade at 0.8195. The pair touched a daily low at 0.8194 at 6:25 GMT.

Fundamental view

A survey by Halifax Bank of Scotland (HBOS), the largest mortgage lender in the United Kingdom, may show that home values rose at an annualized pace of 8.9% last month, according to preliminary estimates. In March prices of homes, purchased with loans from the bank, climbed 8.7%. In monthly terms, prices probably rose 0.7% in April, following an unexpected 1.1% drop in March. A higher than projected rate of increase would be considered as a bullish signal for the sterling. The official values will be released at 7:00 GMT.

Technical view

Screenshot from 2014-05-07 09:38:58

According to Binary Tribune’s daily analysis, in case EUR/GBP manages to breach the first resistance level at 0.8223, it will probably continue up to test 0.8241. In case the second key resistance is broken, the pair will probably attempt to advance to 0.8255.

If EUR/GBP manages to breach the first key support at 0.8191, it will probably continue to slide and test 0.8177. With this second key support broken, the movement to the downside will probably continue to 0.8159. is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

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