The pound saw some success trading against the euro in recent days thanks to “vaccine optimism”. However, overnight it has “struggled” to maintain is position “dipping back below” the €1.1280 "resistance level".
Despite the drop, experts remain hopeful sterling will continue its “bullish” push back against the common currency
The pound is currently trading at a rate of 1.1248 against the euro according to Bloomberg at the time of writing.
Michael Brown, currency expert at Caxton FX spoke with Express.co.uk to share his exclusive insight and predictions for the exchange rate.
“Sterling has struggled to maintain its recent gains against the euro over the last day or so, dipping back below the 1.13 figure in Asian trade this morning, perhaps handing the bears a degree of near-term control,” he said.Insurance Loans Mortgage Attorney Credit Lawyer
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Pound to euro exchange rate: GBP is set to continue its "bullish push back" says an expert (Image: Getty Images)
Pound to euro exchange rate: The exchange rate according to Bloomberg (Image: Bloomberg)
“Nevertheless, with the UK continuing to outpace those across the Channel in terms of vaccination, one can expect the bullish trend to resume.
"This morning’s PMI figures aren’t worth paying attention to.”
Today, the retail sector figures were revealed, with one financial expert describing it as a “bleak start to the new year” for the economy.
Jeremy Thomson Cook, Chief Economist at Equals Money said: "It was not a happy Christmas for the retail sector with a strong bounce back following November’s lockdown failing to materialise.
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