eur gbp exchange rate

EUR/GBP fell next to 0.8600, Brexit still on tap

 

  • EUR/GBP currency pair is trading in a solid form on the chart.
  • The GBP single currency continues to remain fragile due to Brexit news.
  • Theresa May has negated a possible Cabinet reshuffle.
  • There is a slow performance surrounding the sterling.

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According to Fxempire.com today the EUR GBP currency pair is trading in the close vicinity of the 0.8600 level and it is showing strong signs of moving towards the 0.8660 zone in the near future thus igniting a multi-session consolidation pattern.

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EUR/GBP looks towards risk values Brexit eyed

I have noticed that in the European Union the trading cross is slowly going upwards for the second session in a row and since the debut of the trading week the volatility levels have been going up on a consistent pace but the lack of data release and with Brexit the main theme the cross will have to get used to a slow trading pace.

In the United Kingdom Prime Minister Theresa May did not managed to reshuffle the Cabinet and there has been an office announcement regarding the delay in application of the Article 50 until the 31st of October.

In the meantime the EUR single currency is reacting promptly to a sell-off as a direct reaction to the recent weak data releases especially from the advanced manufacturing PMI for April.

As for data release the IFO survey in Germany is due to hit the air tomorrow and this is one of the most important events of the week because the United Kingdom data calendar is empty.

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

I have also noticed that the currency pair will be receiving some influence from investors who are already turning GBP net longs for the first time since June 2018.

Back on the old continent I have noticed that a lot of influence has been coming from the German data releases where the Industrial Production data increased by a positive value of+ 0.7%  for the previous month.

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 = 0.8560

Lowest level = 0.8435

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

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 GBP shared currency pair is going upwards by a positive value of +0.3% and it is trading in the close vicinity of the 0.8658 level and it is relying heavily on the 0.8680 level followed close up by 0.8722 and lastly ending with 0.8753.

On the other side of the medal I believe that by jumping over the 0.8630 level this will definitely clear the trading path towards the 0.8601 at first followed close up by 0.8502.

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