GBP/EUR rates moved through 1.28 on the exchange during Thursday morning trading, moving the currency pair to a fresh two year high. The recent trend of GBP strength shows no signs of slowing but I do feel the EUR will find support if the pair continues on its upward curve around 1.29.
If we take a closer at the recent history of GBP/EUR we can see that at the start of 2014 the pair were trading just above 1.20. After today’s move through 1.28 it is apparent that the overwhelming market sentiment has been to support the Pounds rise, in line with the improvements seen in the UK economy during this period. The improvement has not gone unnoticed by the Bank of England and I do feel that they will soon step in, if Sterling continues to strengthen against the single currency, as they will fear a rising Pound could cause our export industry to stagnate, as our trade partners will find it too expense.
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