Today’s Euro/British pound forecast suggests that we may see more sideways movement in the market, but we are also approaching a major inflection point. There is strong support near the 0.84 level that many traders are keeping an eye on, as indicated on the monthly chart. This level is likely to attract longer-term investors.
On the upside, the 0.85 level has been a significant resistance point. Recent political events, such as the announcement of snap elections in the EU parliamentary race, have caused uncertainty and hesitation among traders. However, once these issues are resolved, we may see a potential move to the upside, possibly towards the 0.86 level.
Breaking above the 0.85 level could bring more momentum into the market, while a drop below 0.84 would be a negative signal for the euro. The EUR/GBP pair is known for its choppy nature, so it’s important to monitor these levels for potential trading opportunities.
Overall, the pound appears to be stronger than the euro in the longer term. It’s essential to stay informed and consider these factors when trading the EUR/GBP pair.