EUR/GBP found support around 0.8900, Brexit data on tap

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  • EUR/GBP currency pair continues to camp close to the 0.8900 level.
  • The Bank of England did not make any changes to any rates.
  • The next PM of the UK will be either Boris Johnson or Jeremy Hunt.
  • The shared currency pair is trading soft surrounded by a strong buying bias.

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!

According to Fxempire.com today the EUR GBP currency pair is trading in the close vicinity of the 0.8900 level and it is trying to jump towards the 0.8910 level and at the bottom of this stands the recent data released by the Bank of England.

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EUR/GBP keeps a close eye on the UK politics

The European trading cross has lost two consecutive daily pullbacks and there is also a lot of selling pressure surrounding the GBP.

Investors have noticed that the Bank of England did not make any kind of modification to its monetary policy therefore the Brexit negotiations are not making any progress.

After yesterday’s vote in Parliament the list of the next PM has come down to Boris Johnson and Jeremy Hunt.

As for the data release the Public Sector Net Borrowing data went downwards to £4.46 billion therefore missing all predictions.

There is a solid rising uncertainty surrounding the United Kingdom political scenario which is expected to have a strong influence on the GBP and at the same time across the ocean the USD-dynamics are having a significant impact on the currency pair.

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

In the UK economy the release of the recent results from the labor market have managed to bring a breath of fresh air for the GBP single currency and for the time being everyone is going to keep a close eye on the inflation levels as well as for several trading results from key economic fundamentals.

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 = 0.8910

Lowest level = 0.8870

Volatility level = High

Today’s Forex predictions

Here is my EUR GBP forecast for tomorrow

Sell 100 %

Buy 0%

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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 +0.38% and it is trading in the vicinity of the 0.8920 level  and I believe that by jumping over the 0.8974 level this will definitely clear the trading path towards 0.9062 followed close up by 0.9092.

On the other side of the medal I have noticed that there are several solid points starting with 0.8872 continuing with 0.8826 and lastly ending with 0.8778.

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