The Pound is trading at around a 1-month high against the Euro as GBP/EUR has breached 1.17 for the past 3 trading sessions. Sterling’s gains against the US Dollar haven’t been quite as pronounced but GBP/USD is still trading in the upper end of it’s trading range since 2017 begun.
The certainty the triggering of Article 50 has given the UK economy and therefore the Pound has offered the currency support, as now that the financial markets are aware of the UK’s plans I personally think we can expect to see the Pound slowly gain.
It’s worth taking note of the GBP to EUR exchange rate’s trading patterns as they may offer indications of what to expect from Sterling moving forward. After struggling to break past 1.17 on a number of occasions Sterling breached that level, and yesterday found support there. Today on the other hand the currency has dipped into the 1.16’s and has struggled to break above this new key level and I think how GBP/EUR performs for the rest of the week and around this level could offer us a sense of direction for the pair.
Cable (GBP/USD) is likely to be driven by political unfoldings from across the pond as Donald Trump’s plans and how successfully he executes them is likely to affect the US Dollar moving forward. It’s always worth remembering that he’s believes the Greenback is overvalued and would therefore prefer for it to be weaker, in order to make the US economy more competitive.
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