It’s been a quiet day for GBP/EUR exchange rates with very little economic data out to move the markets. GBP/EUR rates still sit close to a sixteen month high and Sterling continues to be well supported, in line with the on-going improvement in the UK economy. Whilst I expect Sterling to hold its potion above 1.20, I do think we will need to see a shift in market sentiment if we are going to see GBP/EUR break the 1.23 resistance barrier for any sustained period.
Key economic data this week is the release of Thursday’s Q1 Gross Domestic Product (GDP) figures, which if bullish, could help to Sterling continue its recent momentum.
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