EUR/GBP currency pair camped next to 0.8700, EU data on tap

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Join me in my economic exposition and I will show you precisely how to acquire an impressive amount of pips on the EUR/GBP currency pair and you are going to see how the trading process will unfold up until the end of the week,  I am also going to show you all the variations and sharp changes that can occur over the trading day.

Today I am going to show you how a strong currency pair looks like and more important I am going to show you how it behaves on the trading chart.

eur gbp exchange rate

Factors that might affect this pair today 

  • The EUR/GBP pair has managed to extend its reach towards the 0.87 level where it decided to set up camp.
  • In the UK the House of Commons is going to hold a vote on the Brexit negotiations.
  • As the Parliament is nearing its voting term thoughts continue to stay divided.

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According to Fxempire.com today the EUR/GBP currency is under the influence of a strong selling action and the Sterling will continue to go downwards up until the trading week finishes, hopefully investors believe that it will not be far away from the 0.8700 level.

EUR/GBP is reacting promptly to the upcoming Brexit vote

I believe that in the European Union the trading cross of the EUR/GBP has managed to reach a high spot in the close vicinity of the 0.8700 level where it is going to set camp in order to maintain a solid trading position.

I also feel confident that the currency pair is going to hold on to this trading position as much as possible and the trading tone around the GBP currency is pretty stable for the time being.

One thing is clear all investors are going to keep a close eye on the evolution of the UK GBP and the House of Commons is going to offer the strongest influence since the beginning of the trading year.

Why I think EUR/GBP exchange rate is one of the best currencies to trade right now

I have noticed that today the European Union economic calendar is empty and no important influence is going to come in from the old continent.

The Parliament is going to vote on Theresa May’s Brexit plan.

I think that besides this important vote there also several Brexit amendments which will be proposed by several MPs.

A great deal of focus will hover over the Theresa May’s speech about the potential outcome of the Brexit negotiations.

Today I advise you to use the SELL action as much as possible!

Forex and Profits presents Today’s Free Forex Signal

A summary of Highs and Lows

Highest level = 0.8755

Lowest level = 0.8712

Volatility level = Very High

Sell is the main action for EUR/GBP exchange rate

Today’s Forex predictions

Here is my forecast for tomorrow

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Buy – 5%

Sell – 95%

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/GBP currency pair is going upwards by a small yet positive value of +0.17% and it is trading in the close vicinity of the 0.8697 level therefore by breaching the 0.8710 level this will clear the trading path towards the 0.8739 point at first followed close up by the 0.8861 200-day SMA level.

On the other side of the medal I have noticed that the shared currency pair is relying heavily on the 0.8617 level continuing with the 0.8402 point and lastly ending with the 0.8382 point.

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