eur gbp exchange rate

EUR/GBP found support around 0.8650, Brexit eyed

  • EUR/GBP currency pair has managed to find strong support around 0.8650.
  • The trading sentiment around EUR will continue to stay depressed because of weak data.
  • Brexit sits in mid air, floating with no direction whatsoever.
  • The UK Sterling will have to deploy a lot of effort in influencing the 0.8650 level.

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 today the EUR GBP currency pair has managed to leave behind the 0.8600 level and found solid support around the 0.8650 level and it will be camping there over the weekend.

EUR/GBP waits patiently for news from Brexit

I have noticed that the European cross will continue to stay tensed as it is unable find its trading direction even at the end of the trading week and it will continue to stay for a while in the proximity of the 0.8650 trading area.

At the bottom of this lack of movement stands the recent data release in Germany which has managed to induce a deep selling mood for the shared currency pair at the same time the UK Sterling is reacting to a complete absence of Brexit news and this will definitely enhance the already existing lack of progress in the UK government.

As for data releases I have noticed that the CBI Distributive Trades Survey in the United Kingdom published a value next to 12 and the Mortgage Approvals have not yet hit the trading space.

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

I believe that the Brexit negotiations are the key data driver for volatility and price action around the Sterling following the delay of Article 50 to October 31.

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!

Forex and Profits presents Today’s Free Forex Signal

A summary of Highs and Lows for the EUR GBP

Sell is the main action for EUR/GBP exchange rate

Highest level = 0.8560

Lowest level = 0.8435

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 GBP currency pair is going upwards by a positive value of +0.2% and it is trading in the close vicinity of the 0.8645 level and I believe that by jumping over the 0.8681 level this will definitely clear the trading path towards the 0.8722 point following close up by 0.8746.

On the other side of the coin there are several solid points beginning with 0.8624 followed close up by 0.8618 and lastly ending with 0.8502.

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