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 exchange rate is trading in the close vicinity of the 0.8730 level and it is showing slight signs of moving downwards in the proximity of the 0.8720 level where a lot of solid support awaits.
EUR GBP exchange rate always reacts promptly to Brexit news
I have recently noticed that at the end of the week in the European Union trading session the cross is slowly losing ground and it is basically giving away all gains gathered this past week thus the 0.8820 level is the lowest of the session.
The recent data released by the Bank of England has managed to ignite a strong sell off avalanche that swept the entire trading process and with this event the EUR BGP exchange rate has reacted to all of the markets’ predictions and expectations.
In other news the UK Prime Minister Theresa May has started another set of Brexit negotiations with the EU. A meeting has already been announced to take place between the Irish representative Varadkar and Theresa May in the Emerald Isle.
Why I think EUR/GBP exchange rate is one of the best currencies to trade right now
I still continue to believe that in the near future the Bank of England will continue to keep its rates virtually unchanged.
Significant data will be coming in from the release of the Inflation Report in the UK and the BoE has already issued a revised version with low points regarding the economic growth. Unfortunately the ongoing Brexit negotiations are having a strong influence on all inflation levels.
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 = 0.8766
Lowest level = 0.8742
Volatility level = Very High
Today’s Forex predictions
Here is my EUR/GBP forecast for tomorrow
Sell 100 %
Buy 0 %
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 I have noticed that the EUR GBP exchange rate is going upwards by a positive value of +0.1% and it is currently trading in the vicinity of the 0.8746 level and by breaching the 0.8728 level this will clear the trading path towards the 0.8655 level followed close up by the 0.8617 level.
On the other side of the medal there are several solid points starting with 0.8773 followed close up by 0.8821 and lastly ending with 0.8861.
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