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According to Fxempire.com today the EUR GBP currency pair has managed to shake off the low level of 0.8810 and it is now trading in the proximity of the 0.8850 level but it is a facing a strong selling action.
EUR/GBP keeps a close eye on Brexit
For the time being the European trading cross is reacting positively towards the optimism level just as the trading week began and it has managed to erase most of the low levels from last week.
I believe that the trading cross has met some predicaments around the 200-day SMA where it touched the 0.8780 level and it is currently facing a huge amount of resistance around the 0.8850 level.
At the same time I have noticed that across the ocean the US and China trade negotiations remains the center point of discussions and it is the main price action driver in the global markets. Back on the old continent all eyes continue to stay fixed on the Brexit negotiations.
As for data releases I have realized that the release of the ECB’s M3 Money Supply and Private Sector Loans went upwards by a positive value of +4.9% and by +3.4% for the previous month of April.
Why I think EUR/GBP exchange rate is one of the best currencies to trade right now
In the United Kingdom the Brexit party has clearly won the EU elections and with this victory many speculations began to arise that another referendum might just be around the corner. It is still unclear that the next PM will continue the UK-EU divorce thus plunging the currency pair into more trading anxiety.
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
Highest level = 0.8860
Lowest level = 0.8810
Volatility level = High
Today’s Forex predictions
Here is my EUR GBP forecast for tomorrow
Sell 100 %
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 +0.14% and it is trading in the proximity of the 0.8835 level therefore by breaching the 0.8850 level this will definitely open the trading path towards the 0.9062 level followed close up by 0.9092.
On the other side of the medal there are several solid points beginning with 0.8787 followed close up by 0.8724 and lastly ending with 0.8632.Join Zulutrade now
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