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The EUR/GBP pair is one of the most popular and most traded crosses on Forex as it consists of the most liquid world currencies. The pair’s price shows how many British pounds we should pay per euro. This trading instrument is considered to be one of the most predictable, thus, even beginners can trade this pair. The most active trading is seen during the European session.
Sharp changes of the pair’s trend can be hardly logged. This allows traders to estimate the situation accurately and make a right decision in time. Price fluctuations do not often exceed 100 pips; however, the high value of a pip can bring large profit. The British pound exchange rate is mainly influenced by energy prices, trade with the US, key interest rate changes made by the Bank of England, the input price index, and some others. Making a forecast on EUR/GBP it is necessary to take into account all main changes in the economies of the UK and EU. Moreover, analysts should follow announcements of British and European officials as they may also affect the pair’s price.
EUR/GBP is a cross currency pair that does not include the US dollar. Although, the US dollar still has significant influence on this trading tool. As the US dollar has an impact on the euro and pound, forecasting the pair’s price experts should take into consideration the US main economic factors: the discount rate, GDP value, unemployment rate, and new jobs numbers. If we put together EUR/USD and GBP/USD charts, we may have the EUR/GBP chart.
Experts advise traders to convert their funds into euros to not to lose them when trading the cross. Traders also should remember that a spread on cross currencies is bigger than a spread on the other popular currency pairs. That is why, it is necessary to learn a brokerage company’s terms and conditions before you start trading the EUR/USD cross.