The euro fell down against the British Pound and traded at 0.8231 with a 0.04% loss for the day. On April 23, the pair traded between 0.8202-0.8246 and consolidated at 0.8233. The IFO Business Climate Index published by the Ifo Institute for Economic Research is expected to release its reading on Germany, the largest economy in the euro zone, today at 08:00 GMT. The index is predicted to give a lower reading of 110.4 in April compared to 110.7 in March.
The euro will gather more positive sentiment, if the reading falls on higher than expected level.
In another part of the world, the Confederation of British Industry is expected to release the results from its monthly CBI distributive survey at 10:00 GMT today.
The index is predicted to give a higher reading of 17 in April compared to 13th in March 2014. Reflecting the short-term trends in UK retail and wholesale sectors, this indicator will be an important aspect of the formulation of the economic policy by the Bank of England and the government.
If the reading turns out to be more than expected, the pound will gain more appeal.
Technical view
EUR/GBP manages to breach the first resistance level at 0.8252, it maybe continue up to test 0.8271. In case the second key resistance is broken, the pair will probably effort to advance to 0.8296.
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