During yesterday’s trading session EUR/GBP traded within the range of 0.8169-0.8248 and closed at 0.8175.
At 7:43 GMT today EUR/GBP was losing 0.04% for the day to trade at 0.8171. The pair touched a daily low at 0.8166 at 6:42 GMT.
Fundamental view
The deficit on United Kingdom’s trade balance probably narrowed to 9.000 billion GBP in March from a deficit figure of 9.094 billion GBP during the preceding month. This indicator is also known as visible trade balance, because it reflects the difference in value between exported and imported physical goods, without the inclusion of exported and imported services. Since UK economy is to a great extent dependent on trade, the visible trade balance is considered as a key factor, providing clues over the resilience of nation’s economic growth. In case UK trade deficit shrank more than anticipated, this would provide support to the pound.
The Office for National Statistics (ONS) will publish the official figure at 8:30 GMT.
At the same time, the deficit on United Kingdom’s trade balance with countries outside the European Union probably widened to 3.100 billion GBP in March from a deficit of 2.902 billion GBP in February. A higher than expected deficit would have a bearish effect on nation’s currency.
Technical view
According to Binary Tribune’s daily analysis, in case EUR/GBP manages to breach the first resistance level at 0.8226, it will probably continue up to test 0.8276. In case the second key resistance is broken, the pair will probably attempt to advance to 0.8305.
If EUR/GBP manages to breach the first key support at 0.8147, it will probably continue to slide and test 0.8118. With this second key support broken, the movement to the downside will probably continue to 0.8068.
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