eur gbp exchange rate

EUR GBP exchange rate is low close to 0.8500, Brexit eyed

  • EUR GBP exchange rate has just reached the low level of 0.8500.
  • There is also strong support which will help the cross climb back to 0.8600.
  • All eyes are now fixed on the Brexit Parliamentary vote.
  • The GBP single currency is trading low thus keeping the pair fixed on 0.8500.

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According to Fxempire.com today the EUR GBP currency pair is trading in the close vicinity of the 0.8550 level and it is currently deploying a lot of effort in jumping past this point and reach the 0.8600 point at the bottom of this movement stand the upcoming Brexit vote in the Parliament.

EUR GBP exchange rate reacts promptly to the GBP-selling flux

I have recently noticed that the EUR GBP shared currency pair is looking for influence at the EU trading cross which so far has managed only to fade and it is gathering a significant amount of pessimism among investors, as a direct consequence the cross is unable to jump over 0.8560 level without proper support backing it up.

In other news I have seen that the GBP single currency has lost a lot of traction on the chart mostly because of failing Brexit negotiations with the EU and there are rumors announcing that the House of Commons is going to treat the Brexit deal as being ‘highly negligible’.

The UK PM Theresa May has announced that the negotiations are becoming very stressing but it is work that needs to be done.

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

At the same time across the ocean in the United States the EUR GBP exchange rate is receiving some influence from the release of the PMI Construction prints which has managed to publish a low value of 49.5 for the previous month missing by a long shot the predicted 50.6 value.

I believe that the UK and the GBP currency will continue to remain under the investor’s microscope up until the key votes land in March 12, 13 and 14 and up to this point the possibility of having a second referendum is a fable long gone and the Article 50 will be the most plausible scenario.

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

Highest level = 0.8670

Lowest level = 0.8545

Volatility level = High

Sell is the main action for EUR GBP exchange rate

Today’s Forex predictions

Here is my EUR/GBP forecast for tomorrow

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Sell 80 %

Buy 20 %

S3 = 0.8576 S2= 0.8616 S1 = 0.8681

R1 = 0.8781 R2 = 0.8822 R3 = 0.8883

EUR GBP exchange rate significant levels

For the time being the EUR GBP exchange rate is going downwards by a negative value of -0.12% and it is currently trading in the close vicinity of 0.8587 and it is relying heavily on the 0.8528 level continuing with 0.8402 and lastly ending with 0.8382.

On the other side of the medal I believe that by jumping over the 0.8622 point this will clear the trading path towards 0.8629 at first followed close up by 0.8704.

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