eur gbp exchange rate

EUR/GBP keeps close to 0.8610, BoE data on tap

  • EUR/GBP currency pair is trading solid around 0.8610.
  • Hints began to fly about Theresa May’s resignation in the near future.
  • All eyes will be fixed on the release of the Q1 GDP in the UK.
  • There is a solid trading bias surrounding the GBP and it will keep the cross above the 0.8600 level.

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According to Fxempire.com today the EUR GBP shared currency pair is trading in the close vicinity of the 0.8610 level and it is showing signs of moving upwards towards the 0.8620 level towards the end of the trading week.

EUR/GBP looks towards Brexit for influence

I have noticed that since the beginning of the trading week the trading cross has managed to go upwards by a positive value of +1.7% since the continuous low points all of which were in the proximity of the 0.8500 level and even under it.

Investors are watching with anticipation the ongoing trade negotiations between the US and China and this is the main market driver for the NA trading session as well as for the risk levels.

Back in the European Union across the channel in the UK the Prime Minister Theresa May is rumored to be only a step away from resignation and this will bring the GBP into a very volatile segment.

In the meantime the United Kingdom economy is not doing so well in terms of progress and the Bank of England has presented a new set of inflation data which mixed with results from key economic spots it will definitely have a serious impact on the inflation pressures.

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

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

Highest level = 0.8620

Lowest level = 0.8590

Volatility level = High

Sell is the main action for EUR/GBP exchange rate

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 +0.14% and it is trading in the close vicinity of the 0.8615 level and it is in my belief that by jumping over the 0.8620 level this will definitely clear the trading path towards the 0.8681 level at first followed close after by the 0.8722 level.

On the other side of the medal there are several solid points beginning with 0.8488 continuing with 0.8483 and lastly ending with 0.8471.

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