EUR/GBP- UK Binary Option Broker – Weekly Analysis
The EURGBP exchange rate continues to be driven mainly by political developments from the EU and the UK, note Binary Options Brokers. Primarily in focus will be Brexit negotiations, the upcoming parliamentary UK elections in June and the second round of the French Presidential election on Sunday. The expectations for the outcome of these events will drive EURGBP in the foreseeable future.
In the first half of this week, manufacturing PMI reports from both the UK and the Eurozone continued to show expansion. Tomorrow the services PMI reports will be released from both countries, and if the reports show improvements in both economies again will likely continue to trade sideways.
Such situations in the market are good opportunities to be traded in a safer way – with UK binary option where the trader risks only a predetermined fixed amount of money.
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EURGBP has been largely consolidating since the first round of the French election two weeks ago.
The 0.8470 – 0.8485 area is strong resistance, mainly provided by the falling resistance trendline. If the falling trendline is broken to the upside then the next zone of resistance is 0.86 provided by the 200-day moving average
To the downside 0.8350 remains the strong multi-year support that if broken will open the way toward the 0.81 – 0.80 area.
The main takeaway is that sooner or later EURGBP will have to breakout of the formation it’s now stuck in between the falling trendline and the support at 0.8350. Thus this can be a good opportunity to trade the pair with some of the best UK binary option brokers and profit if the breakout direction is predicted correctly.
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