Euro exchange rates were under pressure after soft German inflation figures softened expectations for the outcome of Tuesday's all-Eurozone inflation release.
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In the coming days we look for the GBP/EUR recovery to consolidate above 1.1650 with a potential test of figures above 1.17 in the event of soft Eurozone inflation numbers.
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Pound Sterling has mounted an impressive recovery against the Euro this week, but it must close the day near or above current levels to solidify the near-term outlook.
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Pound Sterling looks to be in the process of recovering against the Euro, and like a moth to a flame, further advances back to the 1.17 level might be expected from here.
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The Pound to Euro exchange rate is forecast to recover last Friday's losses over the course of the coming week, but much will depend on the release of UK and Eurozone PMI figures for April.
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Pound Sterling fell after Bank of England Monetary Policy Committee member Dave Ramsden raised the odds of June rate cut.
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"Overall, we maintain a relatively positive bias on GBP vs. EUR" - Nomura.
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