Yesterday we witnessed the pound take a hit against the Euro after two key interest rate decisions assisted the Euro to significantly strengthen against the pound. Both central banks decided to keep their base rate of interest on hold but it was the press conference after the release that assisted the Euro to strengthen. President of the ECB Mario Draghi stated that the Euro is an island of stability and he was talking up the growth forecasts and recovery for the region. All this went some way to cause GBP/EUR to drop down to a low of 1.2055 and we have not seen a recovery as of yet today.
I have been stating for a while that when GBP/EUR tends to move towards 1.22 which it did yesterday morning before the rate decisions something comes out which hammers the pound and causes it to lose 1/2 cents over the coming days. We have seen this exact movement occur once again and we are now back down hovering just above 1.20. Should the ECB continue to talk up growth within the single currency then we could easily see a dip back below 1.20 in the next few days.
If you are selling Euros then this is a good gain in 24 hours and you should be in a position to act on selling if you see a further gain that is attractive to you. If you are looking at buying you may be wise to see what occurs in the next month but as stated if you see the rate head towards 1.22 you should act as we do not tend to push through this level.
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