GBP to EUR

Retail sales, "sufficient progress", the Bank of England and traders’ reactions to the “amendment 7” defeat of the government in parliament were the main events Thursday.

We have been writing for weeks now that the outlook for sterling depends on how the 1.25 support zone holds out.

The pound to euro exchange rate (GBP/EUR) has reached new lows of 1.2544 (at time of writing), breaking below the previous 1.2579, 15-month, bottom established on March 24.

The solid support seen in the GBP to EUR conversion rate of late has some analysts suggesting the rebound could advance well beyond 1.30.