• About Us
  • Authors
  • Currency Charts
  • Live Exchange Rates
  • Contact Us

Exchange Rate Forecast

Exchange rate forecasts and foreign currency news

  • British Sterling
  • Euro
  • US Dollar
  • Australian Dollar
  • Canadian Dollar
  • Brexit News
You are here: Home / British Sterling / Will GBP/EUR Break Out Of Its Current Trading Range?

Will GBP/EUR Break Out Of Its Current Trading Range?

March 4, 2016 by Joe Wright

Will GBP/EUR Break Out Of Its Current Trading Range?

Trading range of 1.26 – 1.30 to be broken Shortly?

pound-coin-reflectionFor the past few weeks now we’ve seen the GBP/EUR rate trading between a trading range of 1.26 up to 1.30, with the short term ceiling of 1.30 looking most likely to be broken as I write this, as the British currency continues its gradual recovery from what some might refer to as ‘Borisgate’.

Leading up to and after Boris Johnsons weekend announcement that he was lending his support to the ‘Leave’ camp, Sterling sellers saw the currency bounce off of 1.26 two times, and as headlines surrounding Britain’s potential ‘Brexit’ are no longer dominating the headlines to such an extent, it’s coincided with a boost in the value of the pound leading me to predict and break through the current resistance of 1.30 and establishing a new trading level above the key 1.30 level.

News to have an impact?

Upcoming economic news releases with the potential to push the recovering pound through its current trading channel consist of this morning’s Consumer Inflation Expectations at 9:30, next week’s European GDP figures coming out on Tuesday, the UK’s NIESR GDP estimate on Wednesday followed by the ECB Interest Rate decision on Thursday.

Although the upcoming EU referendum is likely to put pressure on the pounds value as the 23rd of June gets closer, in the short term I’m expecting Sterling strength and should the economic data released today and next week paint a brighter picture of the UK economy I’m expecting a break through 1:30.

Filed Under: British Sterling Tagged With: Boris Johnson, Brexit, GBPEUR

The information on this website is provided for information purposes only. It does not constitute advice to any person on any matter. Every reasonable effort is made to ensure that the information is accurate and complete but we assume no responsibility for and offer no warranty with regard to the same.

About Joe Wright

Joseph Wright brings a wealth of experience on the currency markets. He has worked in a number leading financial services organisations over the last seven years - working within a range of products including foreign currency exchange, equities and derivatives.

Recent Posts

  • Sterling finds support but unlikely to make any significant impact in the coming days May 9, 2018
  • US Dollar hits 5 month high against Sterling May 2, 2018
  • Sterling exchange rates at the mercy of political developments May 1, 2018
  • Pound weakens as political uncertainty once again raises its head May 1, 2018
  • Will Mario Draghi’s speech impact GBP/EUR? April 26, 2018

Live Exchange Rates

Archives




Copyright © 2021 — Currency.co.uk • All rights reserved. • Exchange Rate Forecasts • Privacy Policy •

We use cookies to ensure that we give you the best experience on our website. By using this site you agree to receiving cookies.I agreeRead Privacy Policy