The currency pair EURGBP consists of two rather popular in the Forex market currencies - euro and the British pound. In this couple, the euro represents the base currency and it is bought for the British pounds. The rate of the pound is subject to the influence of an interest rate of the Bank of England, energy costs and sales volume which are especially connected with the USA. The euro exchange rate is influenced by the important political and economic events occurring in the Eurozone countries.
The currency pair EURGBP enjoy special popularity in Western Europe. It is caused by the presence in it of two currencies of the Old World possessing high liquidity and Forex activity. The increased trading activity on this tool is observed in working hours of European Union member countries.
It should be noted that EURGBP possesses low predictability as the tool possesses a rather strong level of “noise” with a broad range of accidental fluctuations. For these reasons at the initial stage of work in the Forex market isn't recommended to use this currency pair for trading.