The Pound-to-Euro rate is set to beging trading around 1.1672 Sunday after closing the previous week around half a percent lower, although technical studies of the charts suggest the market still has a bullish bias and that the exchange rate could rise in the days ahead.
Sterling suffered heavy losses on Wednesday after Prime Minister Theresa May requested an extension of the Article 50 negotiating window that not only fell short of market hopes, but that has also led to fresh speculation about whether the embattled leader can continue in office.
The Pound-to-Euro rate is to begin trading around 1.1737 on Sunday after having risen 1.3% in the previous week, although technical signals coming from the charts suggest the exchange rate can rise further during the coming days.
With a series of nail-biting votes on Brexit in the UK parliament generating exceptional volatility in Pound Sterling pairs this week, analysts are opting to take a 'wide-lens' view of the currency to get a sense of where it is going.
Our technical studies suggest the Pound could come under further pressure against the Euro in the short-term; while the tenor on Sterling has deteriorated from a technical perspective over recent days readers should expect significant volatility to buck the currency over coming days as the House of Commons votes on the EU-UK Brexit deal.
The British Pound's rally against the Euro has come to an end and those watching the GBP/EUR exchange rate should be wary of a reversal says currency strategist Katherin Goretzki at UniCredit Bank in London.