EUR/GBP is trading close to 0.8820, Theresa May has stepped down

  • EUR/GBP currency pair has met some resistance around 0.8850.
  • The release of the Retail Sales data in the UK has brought a positive vibe.
  • All eyes are now fixed on the resignation of UK Prime Minister Theresa May.
  • The GBP single currency is trading in the proximity of the 0.8820 level.

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According to Fxempire.com today the EUR GBP currency pair has managed to trade for a while in the vicinity of the 0.8850 level and it has quickly lost this level for the 0.8820 point and it has reacted almost instantly after the May’s announcement of resignation.

EUR/GBP focused on Theresa May

I believe that the most important event of today is Theresa May’s announcement of stepping down from the office of UK Prime Minister. The EU cross has shown strong gains since the beginning of the trading session.

As a matter of fact positive vibes have been coming in from the UK data releases especially from the release of the Retail Sales which has managed to surprise many participants because it went upwards by +5.3% on a monthly basis. On top of this the Core data went upwards by +0.2% on a month to month basis and by +4.9% compared to last years’ period and all of these posts came in above most predictions.

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

The Brexit negotiations are yet again facing predicaments because the UK PM Theresa May has responded to the immense pressure and after A.Leadsom stepped down earlier so did May announce her resignation.

As for political influences the upcoming parliamentary elections in the European Union are offering a lot of influence and all investors will keep a close eye on the populist option among voters.

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 = 0.8850

Lowest level = 0.8790

Volatility level = High

Today’s Forex predictions

Here is my EUR GBP forecast for tomorrow

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Sell 100 %

Buy 0%

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 trading downwards by a negative value of -0.14% and it is trading in the proximity of the 0.8824 level and it is going to rely heavily on the 0.8788 point followed close up by 0.8724 and lastly ending with 0.8624.

On the other side of the medal I believe that by jumping over the 0.8839 level this will clear the trading path towards 0.9062 continuing with the 0.9092 level.

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