Since bouncing off of a recent support level around the 1.26 mark, Sterling has since continued to recover when paired with the Euro with current levels approaching the 1.30.

Whether this trend will continue or not could be determined this week, as today we have a busy day in terms of economic data releases for the UK, and tomorrow we have the main event of the week, the ECB Monetary Policy meeting whereby speculation persists that further Quantitative Easing is on the cards which is bound to have an effect on the value of the Euro.

This morning at 9.30 key Industrial and Manufacturing Data is scheduled for release, and later on today we have the release of the NIESR (National Institute of Economic and Social Research) estimate on GDP which is estimated at 0.4% for this year so far.

I think Sterling’s recent run could be boosted if today’s figures are positive along with an announcement by Mario Draghi tomorrow that further QE is on the cards. Should this be the case I am expecting GBPEUR to break its current resistance level of 1.30.