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!
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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!
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A summary of Highs and Lows for the EUR/GBP
Highest level = 0.8670
Lowest level = 0.8545
Volatility level = High
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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