The Euro-sterling cross was changing hands unchanged on Friday and was seen hovering slightly above the 0.89 mark during the London session.
Both the central banks decided on monetary policy on Thursday and both decision were taken positively by investors, ergo both the pound and euro surged against the US dollar, meaning only a marginal move on the EURGBP cross.
The EU calendar brought trade balance figures today, which deteriorated notably and the non-seasonally adjusted surplus dropped sharply from 22.5 billion EUR to 17.6 billion EUR. However, the euro failed to react in a volatile way and remained higher against the greenback.
Later in the session, some volatility could come after the US retail sales, which are expected to stay near last month’s levels.
The EURGBP cross is still defending previous lows of 0.89, which could be taken as a bullish development. The resistance for the near future is around 0.8950, where March highs are seen.
On the downside, should the mentioned support fall, further decline toward the broken trend line at 0.89 might happen quickly.
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