As we enter the final day of the trading week, GBPEUR comes up to a familiar barrier at the 1.1280 mark. After the Brexit trade deal was agreed on Christmas Eve and the Bank of England scaled back on negative interest rates being deployed, there has been enough upside momentum for the pair to gain from the lows of the 1.08 range touched at the start of January. Currently sitting at 1.1267 at the time of writing, their pair would require more buying power to break the 1.1280 mark.
The 1.1280 barrier is significant as the pair has not traded above the price since May of last year. Through the turbulence of the Brexit negotiations, Covid lockdowns and data releases the pair has failed to break through 1.1280. Touching on 5 times before crumbling away over the last 7 months, many buying euros will want to keep their eyes on today’s developments.
Across the pond last night, President-elect Joe Biden announced further stimulus plans for the United States for when he takes office next week. The package announced is to the tune of $1.9tn, with the bulk of that going to households and small businesses that have been left in ruin following the Covid pandemic.
Have a great weekend.
Jack Nicholls, Relationship Manager.
Whilst every effort is made to ensure the information published here is accurate, you should confirm the latest exchange rates with WorldFirst prior to making a decision. The information published is general in nature only and does not consider your personal objectives, financial situation or particular needs. Full disclaimer available here.
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