GBP to EUR rate begins the week flat, will this week bring direction for the pair? (Joseph Wright)

GBP EUR Starts the Week with 1.1800 Test

After a very busy week for Sterling exchange rates last week, the Pound has begun the week in a quiet fashion with GBP/EUR trading exactly flat on the day at the time of writing.

Those watching the GBP/EUR rate should be aware that the pair reached the top end of their medium term trend last week after hitting 1.1450, and that it’s not unusual to see the pair dip shortly after hitting the 1.14/1.15’s as many within the markets don’t think the pair can breach this mark and push on into the later teens.

The lower end of the trend since the summer of last year is well below 1.10 at the 1.07/1.08 mark, so the pair are still trading towards the top end of the medium term trend.

It’s Brexit related news that’s continuing to be the main driver of GBP exchange rate movements at the moment. Last week’s spike up to 1.1450 was a result of bullish comments from the Bank of England so those hoping for another opportunity to trade around those levels should pay attention to comments from the BoE. Do feel free to register your interest with me if you wish to be notified in the wake of a big move for GBP exchange rates.

If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on [email protected] and I will endeavour to get back to you as soon as I can.