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 close vicinity of the 0.8600 support level and due to recent data from the Bank of England the trading cross is bound to reach higher levels.
EUR/GBP is reacting to the BoE data
I have recently noticed that the European Union trading cross is gathering some traction across the trading chart and this came in as no surprise because the Bank of England has finished revising the inflation forecasts regarding the upcoming rates this did not come alone because some impressive projections have been issued for the economic growth for the upcoming years.
I believe that a lot of influence will be coming in from the recent statement issued by Mr. Carney who has noted that the inflation rates will have to lose some traction in the near future especially regarding the energy prices, this type of excessive demand will definitely add steam and pressure on the already troubled domestic prices.
Why I think EUR/GBP exchange rate is one of the best currencies to trade right now
Carney has also stated that a rate hike is a definite necessity in order to balance the inflation figures. I am also confident that this will increase the volatility levels around GBP single currency.
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!
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A summary of Highs and Lows for the EUR GBP
Highest level = 0.8640
Lowest level = 0.8590
Volatility level = High
Today’s Forex predictions
Here is my EUR GBP forecast for tomorrow
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 +0.17% and it is trading in the proximity of the 0.8589 level and I believe that by jumping over the 0.8627 level this will definitely clear the trading path towards the 0.8681 point at first followed close up by 0.8722.
On the other side of the medal there are several solid levels starting with 0.8568 followed close up by 0.8502 and lastly ending with 0.8471.
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