The Pound to Euro exchange rate has edged above 1.17 in the run-up to the budget announcement and could remain well supported if any meaningful stimulus is announced.
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An analyst at Société Générale says the Euro to Pound exchange rate's daily chart hints at a major reversal playing out.
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GBP/EUR could extend a recent weak patch into the first part of March, particularly if the UK budget is not well received midweek and the European Central Bank strikes a hawkish tone on Thursday.
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Euro exchange rates were broadly firmer following the release of data that showed Eurozone inflation surprised to the upside in February.
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Pound Sterling edged lower against the Euro through the latter part of February, but we see ongoing resilience in March.
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Pound Sterling retains a constructive setup against the Euro, and further advances can be expected this week, but a strong Eurozone CPI print would likely boost the Euro.
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Analysts at investment bank Nomura are constructive on Pound Sterling as the incoming data points to the Bank of England cutting interest rates after the European Central Bank and Federal Reserve.
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