eur gbp exchange rate

EUR/GBP continues to hover over 0.8600, GBP weakness eyed

 

  • EUR/GBP currency pair is trading higher than yesterday close to 0.8600.
  • There is a strong GBP weakness influencing the trading cross.
  • The Halifax house prices went upwards by +1.1% on a monthly basis.
  • The GBP single currency is now staying on the defensive.

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According to Fxempire.com today the EUR GBP currency pair is trading higher in the close vicinity of the 0.8600 level and it seems to be reacting to an ever more present GBP weakness.

EUR/GBP found support under 0.8500

I have noticed that in the middle of the trading session the trading cross is going upwards for the third consecutive time in a row and after retaking the 0.8500 level it has now landed close to the 0.8600 point.

I believe that there is also a strong trading bias surrounding the GBP single currency and since the last trading session the trading cross already managed to extend above the 0.8500 point.

As for data releases I believe that the release of the housing data measured by the Halifax index went upwards by a positive value of +1.1% on a monthly basis and by +5.0% on a year to year basis therefore it has managed to surpass many predictions.

Still in the United Kingdom there has recently been issued an official statement that the UK officials are going to participate in the EU elections towards the end of the trading month.

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!

Let us know how you feel about this analysis? Even if you are a novice trader we would still like to know your opinion!

Forex and Profits presents Today’s Free Forex Signal

A summary of Highs and Lows for the EUR GBP

Sell is the main action for EUR/GBP exchange rate

Highest level = 0.8620

Lowest level = 0.8590

Volatility level = High

Today’s Forex predictions

Here is my EUR GBP forecast for tomorrow

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Sell 70 %

Buy 30 %

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 I have noticed that the EUR GBP currency pair is going upwards by a positive value of +0.36% and it is trading in the close vicinity of the 0.8585 level therefore by breaching the 0.8615 level this will definitely clear the trading path towards the 0.8681 level followed close up by 0.8722.

On the other side of the medal there are several solid points beginning with 0.8488 continuing with the 0.8483 point and lastly ending with 0.8471.

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