Are you searching for a strong currency with high potential on the trading chart? Guess what? Now you can make some great Pips on the EUR GBP exchange rate and begin your journey as a successful trader!
According to Fxempire.com today the EUR GBP currency pair is trading in the close vicinity of the 0.8800 level and it is showing strong signs of moving upwards towards the 0.8820 level and at the bottom of this stands the European Union data.
EUR/GBP jumps high
I have recently noticed that the Euro single currency has managed to come a long way from the 0.8490 level and investors have signaled that there is a strong selling pressure surrounding the GBP single currency.
The abundance of different Brexit data combined with the uncertainty around the United Kingdom government has generated a theory in which the Prime Minister Theresa May could take a step down in the near future. This event will definitely have a significant negative impact on the GBP.
Investors are still keeping a close eye on the Brexit news and A.Leadsom and J.Rees-Mogg have already stated that they will not make any more lobby for Theresa May’s Brexit plan in the upcoming session of House of Commons at the beginning of June.
It is in my belief that the recent data released by the Bank of England will enhance most inflation figures and combined with the mixed results from the key economic fundamentals this will definitely influence inflation levels in the near future.
I have noticed that the European Union did not have any significant data releases.
Why I think EUR/GBP exchange rate is one of the best currencies to trade right now
Back on the old continent I have noticed that a lot of influence has been coming from the German data releases where the Industrial Production data increased by a positive value of+ 0.7% for the previous month.
Today I advise you to use the SELL action as much as possible!
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A summary of Highs and Lows for the EUR GBP
Highest level = 0.8820
Lowest level = 0.8780
Volatility level = High
Today’s Forex predictions
Here is my EUR GBP forecast for tomorrow
Sell 100 %
S3 = 0.8576 S2= 0.8616 S1 = 0.8681
R1 = 0.8781 R2 = 0.8822 R3 = 0.8883
EUR/GBP significant trading levels
For the time being the EUR USD shared currency pair is going upwards by a positive value of +0.11% and it is trading in the close vicinity of the 0.8783 level and I believe that by jumping over the 0.8790 level this will definitely clear the trading path towards 0.8821 followed close up by 0.8840.
On the other side of the coin there are several solid levels starting with 0.8722 continuing with 0.8684 and lastly ending with 0.8611.
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