The Pound to Euro exchange rate could trade with a heavy tone through May as it becomes clear the Bank of England will consider cutting interest rates in June.
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The British Pound is an attractive 'long' candidate against the Euro and other G10 currencies as the Bank of England won't cut interest rates by as much as markets expect.
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Euro exchange rates recovered after Eurozone inflation beat expectations and regional growth figures surpassed expectations to show a strong recovery in the first quarter.
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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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