The Pound to Euro rate is currently trading just below 1.20 and the pair have been pegged around this level since April. In my opinion the current levels are good for those converting Pounds into Euros as GBP/EUR hasn’t managed to climb above the 1.20 mark since it broke that threshold last June so there’s an argument to say the current GBP/EUR level is at the top of its trend.
I’m personally expecting to see the Pound continue to struggle to break above the 1.20 mark, and as the year goes on I think we could see the Pound gradually soften and end up trading at a lower level towards the end of the year than it’s currently trading at.
Analysts at Lloyds Bank feel similarly and just this week they lowered their GBP to EUR price forecast for the end of 2017 down to 1.16 from a previous rate of 1.18. The pair are currently trading at 1.1881, down on the day by -0.15%.
Today could be a very busy day for Sterling exchange rates across the board with some dupping today as ‘Super Thursday’. At lunchtime today the Bank of England’s Interest Rate decision will be announced along with the quarterly inflation report and GDP figures. These data releases could create movement so feel free to get in touch if you wish to plan a transaction around these times.
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@example.com and I will endeavour to get back to you as soon as I can.