GBP/EUR Exchange Rate: Outlook for GBP/EUR on Monday shows a troublesome EUR continues to hamper advance to 1.19

The euro to pound exchange rate (EUR/GBP) is thus at 0.8452.

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Outlook for the pound euro exchange rate on Monday

"As long as strong resistance at 0.8500 holds on closing basis potential is for the resumption of downside. Support is at 0.8421 ahead of 0.8333," says  Gareth Berry at UBS commenting on the EUR/GBP.

However, analysts at ICN Financial Markets say they are backing the Euro against the Pound:

"The price continues to hover above the main broken descending resistance following the retreat from 38.2 percent retracement level. The bullish bias remains favored, so long as above 0.8425 support level."

Click on below graph to enlarge:

Switching the equation around to GBP/EUR, we hear from Sasha Nugent at Caxton FX who warns that the troublesome Euro still remains with us hampering the British pound's advance:

"The fight through to 1.19 doesn’t look to be easing anytime soon, and with a pretty bare week this week for the UK, there is plenty of downside risk. For today, though, sterling isn’t under too much pressure as UK house prices bolster the currency.

"A troublesome euro remains, and although sterling seems to have gotten its groove back against the dollar, it’s going to have to work quite a bit harder to achieve the levels we saw last month against the euro."