Since an initial leap higher, the conversion has been consolidating in a narrow range which has formed into what looks like a chart pattern called a pennant, as in the triangular flags which flew from medieval castle tops.
Don’t sleep through the European Central Bank’s key policy meeting today we are told.
The Pound rebounded strongly after Theresa May’s speech mentioned the involvement of Parliament in the process of Brexit.
The British Pound was on offer at the start of the new week as the hard-Brexit story continues to be digested by foreign exchange markets.
David Sneddon, Managing Director of Global Strategy Technical Analysis at Credit Suisse gives his latest projections for the Pound to Euro exchange rate.
Lloyds Bank hold a relatively stable forecast for the GBP/EUR exchange rate through the course of 2017, but the level of uncertainty surrounding the UK currency makes for some heavy volatility.
The one thing most analysts are in agreement with is that the US Dollar is likely to strengthen further in 2017.
There is a heightened probability that Pound Sterling will slip even lower against the Euro in the near-term having broken a key support level.
Pound Sterling Live have looked at the monthly and weekly charts for GBP/EUR to get a better understanding of how the year may play out from a technical perspective.
Foreign exchange strategists at J.P. Morgan have upgraded their GBP/EUR forecast for the first half of 2017 but kept their sub-1.10 forecast for year-end in tact.
“The Pound looks cheap at current levels.”
Foreign exchange forecasts for 2017 at ING confirm Pound Sterling is looking expensive at current levels.
The EUR/USD Pair is Expected to Decline Further as the Dollar Strengthens Based on Comparisons with the Regan Era, Argue analysts at Abn Amro.
Confirmation comes from one of the world’s largest investment banks that they are not anticipating the EUR/USD to fall to parity.
French bank Societe Generale join the gang anticipating the Euro to par the Dollar in the current cycle.
Foreign exchange analysts at Barclays have confirmed they are forecasting a sustained recovery in the GBP/EUR exchange rate in 2017.
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