Looking to trade between the pound and the euro? Here are the top ten bank predictions for the next 6-12 months. But first, let’s take a look at the current situation with the GBP vs the USD and the EUR.
The GBP vs. the USD and the EUR
According to FXCC’s blog, the GBP has been struggling against both the USD and the EUR. However, recent surges in the US dollar have made the GBP to EUR exchange rate even more difficult.
Pound to Euro Exchange Rate to Struggle Beyond 1.17
Recent graphs show that the pound to euro exchange rate is not expected to improve anytime soon. In fact, it is expected to struggle beyond 1.17 according to Pound Sterling Live.
GBP Weaker Against the Euro
The pound is currently weaker against the euro, as reported by City & Business Finance. If you’re looking to trade between the two currencies, it’s important to keep this in mind.
Brexit Hopes Keep Pound Elevated Above Euro
Brexit is a major factor in the GBP to EUR exchange rate. As reported by Currency Live, hopes of a successful Brexit have kept the pound elevated above the euro.
Tips for Trading between GBP and EUR
If you’re looking to trade between the pound and the euro, here are some tips to keep in mind:
1. Keep Up with the Latest News
As mentioned earlier, current events and news can have a major impact on currency exchange rates. Stay up to date with the latest news and make informed decisions.
2. Use a Reputable Exchange Service
Make sure to use a reputable exchange service to avoid scams or poor rates. Look for a service that offers competitive rates and low fees.
3. Consider Long-term vs Short-term Trading
It’s important to consider whether you’re looking for a short-term or long-term investment when trading between currencies. Short-term trades can be riskier but offer potential quick profits, while long-term trades may be safer but take longer to see results.
4. Diversify Your Portfolio
Don’t just focus on trading between the GBP and EUR. Diversify your portfolio with other currencies to minimize risk and potentially maximize profits.
Ideas for Trading between GBP and EUR
If you’re looking for ideas on how to trade between the pound and the euro, here are a few to consider:
1. Watch for Brexit Updates
As previously mentioned, Brexit is a major factor in the GBP to EUR exchange rate. Keep a close eye on any updates or developments that may impact the rate.
2. Take Advantage of Currency Swings
Currency exchange rates can swing rapidly, presenting opportunities for traders. Keep an eye out for when the GBP to EUR rate is in your favor and capitalize on it.
3. Use Technical Analysis
Technical analysis involves looking at charts and past price movements to predict future trends. Consider using technical analysis to help inform your trading decisions.
How to Trade between GBP and EUR
If you’re ready to start trading between the pound and the euro, here are the basic steps to follow:
1. Choose Your Exchange Service
Research and choose a reputable exchange service that offers competitive rates and low fees.
2. Choose Your Trading Strategy
Consider whether you’re looking for a short-term or long-term investment and choose a trading strategy to match.
3. Fund Your Account
Add funds to your exchange account to begin trading.
4. Monitor the Rate
Watch the GBP to EUR exchange rate and make trades when it’s in your favor.
5. Withdraw Profits
Once you’ve made profits, withdraw them from your exchange account back into your bank account.
With these tips, ideas, and how-tos, you’re ready to start trading between the pound and the euro. Keep in mind the current situation with Brexit and stay up to date with the latest news to make informed decisions.
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