The UK Jobless Claims Change for March was reported at 12.2K, and the Claimant Count Rate was reported at 3.5%. Economists predicted a figure of 172.5K and 4.0%. Forex traders can compare this to the UK Jobless Claims Change for February, which was reported at 17.3K and to the Claimant Count Rate, which was reported at 3.5%. The UK Employment Change for the tri-monthly period ending in February was reported at 172K, and the ILO Unemployment Rate was reported at 4.0%. Economists predicted a reading of 100K and 3.9%. Forex traders can compare this to the UK Employment Change for January, which was reported at 184K and to the ILO Unemployment Rate, which was reported at 3.9%. Average Weekly Earnings for the tri-monthly period ending in February increased by 2.8% annualized, and Average Weekly Earnings Excluding Bonuses increased by 2.8% annualized. Economists predicted an increase of 3.0% and 3.0%. Forex traders can compare this to Average Weekly Earnings for January, which increased by 3.1% and to Average Weekly Earnings Excluding Bonuses, which increased by 3.1%.

The German ZEW Survey Current Situation Index for April is predicted at -77.5, and the German ZEW Survey Economic Expectations Index at -42.3. Forex traders can compare this to the German ZEW Survey Current Situation Index for March, which was reported at -43.1 and to the German ZEW Survey Economic Expectations Index, which was reported at -49.5. The Eurozone ZEW Survey Economic Sentiment Index for April is predicted at -47.0. Forex traders can compare this to the Eurozone ZEW Survey Economic Sentiment Index for March, which was reported at -49.5.

The EUR/GBP forecast continues to carry a bearish outlook. Price action remains below the Tenkan-sen and from a fundamental perspective, the Eurozone is in dismal shape. Today’s ZEW data may give bears the catalyst required to resume an accelerated sell-off. This currency pair is expected to contract below its Senkou Span B and into its horizontal support area. How will economic data impact the EUR/GBP today? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.

Should price action for the EUR/GBP remain inside the or breakdown below the 0.8640 to 0.8755 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 0.8720
• Take Profit Zone: 0.8280 – 0.8390
• Stop Loss Level: 0.8785

Should price action for the EUR/GBP breakout above 0.8755 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 0.8785
• Take Profit Zone: 0.9030 – 0.9090
• Stop Loss Level: 0.8720

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