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 vicinity of the 0.8960 level and it is deploying a lot of effort in jumping towards the 0.8970 point towards the end of the trading week.
EUR/GBP is looking towards 0.9000 with ambition
I have noticed that today the European Union trading cross is going upwards for the third session in a row and yesterday it has managed to reach the high level of 0.8990 which for many was considered a clear by the book honest progress.
Investors have already become very familiar with the chaos in the United Kingdom political scenario and this is the main negative source of influence for the GBP pulling it down over and over. All eyes are now focused on who is going to be nominated the next Primes Minister and the two candidates are: Boris Johnson and Jeremy Hunt.
Another nail in the coffin of the already weak GBP came from the Bank of England where M.Carney stated that he is very concerned about the global uncertainty regarding the progress of the United Kingdom economy.
On top of this several global markets have already started to price downwards the GBP due to the never ending deterioration of the United Kingdom trading fundamentals.
Why I think EUR/GBP exchange rate is one of the best currencies to trade right now
As for data releases the release of the Retail Sales figures in the European Union have managed to go up by a positive value of +0.4% for the previous month of May and by +1.3% on a yearly basis.
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!
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A summary of Highs and Lows for the EUR GBP
Highest level = 0.8980
Lowest level = 0.8910
Volatility level = High
Today’s Forex predictions
Here is my EUR GBP forecast for tomorrow
Sell 65 %
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 proximity of the 0.8972 level and I believe that by jumping over the 0.8992 level this will definitely clear the trading path towards the 0.9062 level at first followed close up by 0.9092. On the other side of the medal I have noticed that there are several solid points starting with 0.8925 continuing with 0.8872 and lastly ending with 0.8826.
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