Busy day for GBP/EUR with the ECB Interest Rate decision (Mike Vaughan)

Sterling has lost nearly 0.4% against the Euro today following comments from ECB head Mario Draghi that he would  consider all measures to maintain eurozone stability. This came after the bank held its base rate on hold at 0.5% as most expected and Draghi suggested this would be the case for an extended period. The Euro was also bolstered by news that Italian Prime Minister Enrico Letta had won a Senate confidence vote after a last-minute U-turn in his favour by former PM Silvio Berlusconi

This has brought a slight halt to the recent strong run for the pound, with levels very briefly touching 1.20 yesterday for the first time since January. These levels for me should represent a strong buy opportunity as I feel the pound will meet strong resistance at the 1.20 level and I would not be surprised to see a small correction.

With levels so volatile it is important to be in a position to take advantage should you see an unexpected spike. By speaking with an experienced regulated currency brokerage this enables you to take more control over your exchange, certainly when compared to the high street banks. To discuss the current market trends in more detail and to find out how the service works and how we can benefit you please call the office on 01494 787478 or email Mike at mgv@currencies.co.uk