eur gbp exchange rate

EUR/GBP is mixing traders around 0.8620, BoE data on tap

  • EUR/GBP is trading low in the proximity of the 0.8620.
  • There is a strong USD-weakness which enhances the risk sentiment.
  • The release of the EMU Q1 GDP has brought positive vibes.
  • There is a solid selling bias surrounding the US DXY index and this is offering solid support.

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According to Fxempire.com today the EUR GBP currency pair is trading in the close vicinity of the 0.8620 level and it is already showing small signs of moving upwards in the proximity of the 0.8640 point.

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EUR/GBP is trading close to 0.8640

Today I have noticed that the European Union trading cross is shedding off some of Monday’s initial gains and has managed to land once again close to the down side of the trading chart thus it is trading in the close vicinity of the 0.8620 level.

I also believe that a lot pressure is building up around the US DXY index which for the time being is lending some support towards the demand of the risk assets, but however this will motivate the trading cross to jump towards the 0.8660 level towards the end of the trading week.

As for the European Union I believe that the release of the flash Q1 GDP data has managed to point out the fact that the EU zone will expand by +1.2% and by +0.4% and the unemployment rate has published a value close to 7.7% for the previous month.

Across the English Channel the Bank of England is bound to release some data which is very important to the overall trading process as well as the release of the Services PMI prints.

Brexit negotiations are still the main interesting discussion point and there is a high probability that the ‘no-confident’ vote could land on Theresa May.

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

Investors are now watching with great interest the upcoming local elections in the United Kingdom and ongoing cross-party negotiations.

Other than this there are now significant Brexit news to influence the overall trading process

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 = 0.8660

Lowest level = 0.8615

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 +0.19% and it is trading in the close vicinity of the 0.8631 level and it is relying heavily on the 0.8620 level followed close up by 0.8502 and lastly ending with 0.8483.

On the other side of the coin by jumping over the 0.8681 level this will definitely clear the trading path towards the 0.8722 level followed close up by 0.8737.

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