The UK Preliminary GDP for the first quarter decreased by 2.0% quarterly and by 1.6% annualized. Economists predicted a decrease of 2.5% and 2.1%. Forex traders can compare this to the fourth-quarter GDP, which was reported flat at 0.0% quarterly, and which increased by 1.1% annualized. The UK GDP for April decreased by 5.8% monthly, and by 2.0% for the three-month-over-three-month period ending in April. Forex traders can compare this to the GDP for March, which decreased by 0.1%, and which was reported flat or the three-month-over-three-month period ending in March.UK Total Business Investment for the first quarter was reported flat at 0.0% quarterly and increased by 0.7% annualized. Forex traders can compare this to the UK Total Business Investment for the fourth quarter, which decreased by 0.5% quarterly, and which increased by 1.8% annualized.

UK Construction Output Seasonally Adjusted for March decreased by 5.9% monthly and by 7.1% annualized. Economists predicted a decrease of 7.1% of 8.2%. Forex traders can compare this to UK Construction Output Seasonally Adjusted for February, which decreased by 2.1% monthly and by 2.8% annualized. The UK Visible Trade Balance for March was reported at -£12.51B. Economists predicted a figure of -£10.00B. Forex traders can compare this to the UK Visible Trade Balance for February, which was reported at -£9.83B. The UK Trade Balance Non-EU for March was reported at -£4.88B. Economists predicted a figure of -£4.00B. Forex traders can compare this to the UK Trade Balance Non-EU for February, which was reported at -£3.87B.

UK Industrial Production for March decreased by 4.2% monthly by 8.2% annualized. Economists predicted a decrease of 5.6% and 9.3%. Forex traders can compare this to UK Industrial Production for February, which decreased by 0.1% monthly and by 3.4% annualized. UK Manufacturing Production for March decreased by 4.6% monthly and by 9.7% annualized. Economists predicted a decrease of 6.0% monthly and 10.4% annualized. Forex traders can compare this to UK Manufacturing Production for February, which increased by 0.3% monthly, and which decreased by 4.3% annualized. Eurozone Industrial Production for March is predicted to decrease by 12.1% monthly and by 12.4% annualized. Forex traders can compare this to Eurozone Industrial Production for February, which decreased by 0.1% monthly and by 1.9% annualized.

The EUR/GBP forecast increased its bearish stance after a series of better-than-expected economic reports out of the UK. The recovery in price action, which started from the Kijun-sen, is running out of steam with this currency pair nearing the Ichimoku Kinko Hyo cloud. Eurozone industrial production is expected to provide more bearish pressures, will bears capitalize on it? 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 0.8800 to 0.8860 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 0.8830
• Take Profit Zone: 0.8280 – 0.8380
• Stop Loss Level: 0.8900

Should price action for the EUR/GBP breakout above 0.8860 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 0.8900
• Take Profit Zone: 0.9000 – 0.9045
• Stop Loss Level: 0.8860

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