eur gbp exchange rate

EUR/GBP is trading low 0.8800, Theresa May steps down tomorrow

  • EUR/GBP has managed to gain some extra traction.
  • Brexit uncertainty continues to weigh heavily on the GBP fiscal integrity.
  • Theresa May is expected to step down from office at the end of the trading week.
  • The shared currency pair will continue to trade on a slightly positive note.

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According to Fxempire.com today the EUR GBP currency pair is trading in the proximity of the 0.8800 level and it is trading in a low note because tomorrow Theresa May is going to step down from office.

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EUR/GBP keeps a close eye on ECB figures

I have noticed that today the EUR GBP currency pair has managed to recover some lost territory after two consecutive daily lows and it has finally managed to post some decent gains in the proximity of the 0.8850 point and with this it is under a lot of buying pressure.

At the same time across the channel the Sterling is shadowed by a high level of uncertainty mostly because of the continuously failing Brexit negotiations, this statement also includes the absolute absence of them. On top of this tomorrow the UK Prime Minister Theresa May is stepping down from office and even from the United Kingdom political scenario.

As for data releases I have noticed that the GDP data released earlier in the European Union has exposed the idea that the volume increased by a value of +0.4% since the beginning of the trading year and by +1.2% on a year to year basis.

Still in the EU the European Central Bank is going to present its current monetary status and President Mario Draghi will address the Council.

I have also noticed that a lot of influence will be coming in from the Bank of England updates which will shed some light on the current inflation levels and given the current  Sterling – Brexit situation predictions are still mixed.

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

At the same time the French President Emmanuel Macron has announced that there will be no supplementary delays after the 31st of October when Brexit has been scheduled to take place.

As for data releases the preliminary inflation figures in the European Union for the previous month of May will be released later this trading week.

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

Sell is the main action for EUR/GBP exchange rate

A summary of Highs and Lows for the EUR GBP

Highest level = 0.8850

Lowest level = 0.8790

Volatility level = High

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Today’s Forex predictions

Here is my EUR GBP forecast for tomorrow

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 going upwards by a positive value of +0.4% and it is trading in the close vicinity of the 0.8851 level and I believe that by breaching the 0.8902 level this will definitely clear 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 starting with 0.8781 followed close up by 0.8724 and lastly ending with 0.8668.

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