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 at the end of the trading week the EUR/GBP exchange rate is facing a lot of downside pressure in the GBP single currency therefore the trading cross is looking for a solid spot to set up camp.
EUR GBP exchange rate reacts exclusively to Brexit news
I have noticed that at the end of the trading week the EUR GNP exchange rate is reacting in a negative manner to the overwhelming uncertainties surrounding the UK departure from the European Union. I can honestly say that I did not manage to see any optimism in any official statement or political commentary regarding the positive potential of deal between the UK and the EU.
Because of an empty Brexit calendar the GBP single currency is losing the investor’s interest in this.
In other news I have noticed that several big companies have already publicly declared that once Brexit ends they will prepare to pull out of the UK because of high upcoming taxes.
Why I think EUR/GBP exchange rate is one of the best currencies to trade right now
Donald Tusk is going to meet with UK PM Theresa May in Egypt under the roof of the EU-Arab Summit but several EU voices have already stated that Brexit is out of discussion.
As for data release I have noticed that the EUR GBP exchange rate has receive some moderate influence from the release of the IFO Survey in Germany which has underlined the downtrend movement for the current month.
Still in the European Union the economic data is now looking towards fresh new inflation figures.
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!
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A summary of Highs and Lows for the EUR/GBP
Highest level = 0.8770
Lowest level = 0.8745
Volatility level = High
Today’s Forex predictions
Here is my EUR/GBP forecast for tomorrow
Sell 80 %
Buy 20 %
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 exchange rate is going downwards by a negative value of -0.21% and it is trading in the close vicinity of the 0.8710 level therefore by breaching the 0.8741 level this will clear the trading path towards the 0.8840 point continuing with 0.8858.
On the other side of the table there are several solid levels beginning with 0.8666 followed close up by 0.8655 and lastly ending with 0.8616.
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