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 EUG GBP currency pair has managed to jump past the 0.8600 level and it is looking to set up a support area around it in order to move even more, but due to a severe lack of significant data the cross will be unable to reach better points.
EUR GBP exchange rate focuses on the Brexit news headlines
I have recently noticed that the EUR GBP has managed to reel in some new positive levels but this will be short lasting because of the cautious environment within the European Central Bank meeting which, by all means, has already announced that no modifications will come to the rates.
Still in the UK the Brexit negotiations are keeping the risk sentiment as high as possible and with a serious lack of communications between the UK and EU officials this sentiment will grow even more.
Another significant boiling pot is the Irish predicament which will continue to be key problem before the upcoming crucial vote.
Why I think EUR/GBP exchange rate is one of the best currencies to trade right now
As for data releases in the UK the housing data measured by the Halifax index went upwards by a +5.9% value on a monthly basis and by +2.8% on a yearly pace.
Back in the European Union I believe that the EUR USD exchange rate is going to react to the release of the Employment data which went upwards by +1.4% on a year to year basis and the EMU GDP data has expanded by 0.2%.
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 exchange rate
Highest level = 0.8640
Lowest level = 0.8575
Volatility level = High
Today’s Forex predictions
Here is my EUR/GBP forecast for tomorrow
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Sell 70 %
Buy 30 %
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 USD exchange rate is going upwards by a positive value of +0.12% and it is currently trading in the proximity of the 0.8593 level therefore I believe that by jumping over the 0.8645 level this will definitely clear the trading path towards the 0.8676 at first followed close up by 0.8728.
On the other side of the medal there are several solid levels beginning with 0.8528 continuing with 0.8402 and lastly ending with 0.8382.
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