June 5, 2024 – Written by David Woodsmith
Leave a comment STORY LINK Pound to Euro Exchange Rate Retreats as Traders Fail to Break Key Resistance
After sharp losses ahead of Friday’s US open, the Pound to Euro (GBP/EUR) exchange rate found support close to 1.1710 but rallies stalled in the 1.1750 area and there was a net retreat to 1.1725 on Monday.
Given the overall fundamentals, ING expects further GBP/EUR selling interest on approach to 1.1765.
Although the ECB has effectively promised to cut interest rates at this week’s meeting,…
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