The EUR/GBP is the quote for the Euro, the base currency, quoted against the British Pound, the quote currency.
EUR is the official currency of 20 of the 27 European Union countries and 16 overseas territories. It is also the unofficial currency of seven countries and territories, while 21 additional countries peg their national currencies to the Euro. January 1st, 1999, was the Euro introduction, replacing the European currency unit.
The Euro quickly grew in popularity among Forex traders, and it became the world's second reserve currency, trailing only the US Dollar. The Euro continues its slow displacement of the US Dollar in select economic circles, as many entities view it as a more stable alternative. Unlike the US, which fuels economic growth with debt, the Eurozone generally prints budget and trade surpluses rather than the deficits the US accumulates.
The EUR/GBP offers Forex traders an opportunity to trade the two largest European economies against one another. It is a liquid currency pair that usually trades below parity, as the British Pound is the higher-valued currency. The Eurozone is an exporter of high-end machinery, cutting-edge technology, groundbreaking pharmaceuticals, and quality services, making the EUR susceptible to EU trade data.
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I believe that the EUR/GBP pair is worth watching due to the fact that we have absolutely collapsed at this point, and it looks like the market is likely to continue to see traders favor the British pound over the euro.
The EUR/GBP pair has captured my attention, as market participants continue to see a lot of volatility in this market.
During the trading session on Monday, in my daily analysis of the EUR/GBP pair, the first thing that I notice is that this asset has been oversold over the last couple of weeks, after being overbought before that.
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The euro bounced a bit during the early hours on Monday as it looks like the 0.85 level is going to give a little bit of support, especially as the 50 day EMA sits just below all things being equal.
We are now below the 200-Day EMA, and therefore it’s likely that we will continue to see a little bit of negativity.
I recognize that this asset is testing the crucial 200-Day EMA.
The market continues to shoot straight up in the air as traders are running toward the euro and away from the British pound.
I recognize that the 0.84 level has offered a significant amount of support.
The EUR/GBP pair looks as if it is trying to continue its overall trajectory to the upside.
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The euro initially did try to rally a bit during the trading session on Wednesday, but at this point we are still hanging around the same gap that we had formed a couple of weeks ago.
I see that the EUR/GBP pair is starting to rise again.
In today's EUR/GBP forecast we see more sideways action, but also recognize that we are in major inflection point.
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Sign up to get the latest market updates and free signals directly to your inbox.Monday was very kind to the euro, as we rallied somewhat significantly during the early hours of the trading session.
The Euro rallied significantly during the trading session on Wednesday, as we continue to try to attempt a recovery and after the massive selloff at the open of the week.