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GBP vs EUR currency overview for 27th March 2018The Pound to Euro exchange rate put in some more solid gains on Tuesday, and by Wednesday morning had recovered all of last week’s losses. At the time of writing, GBP/EUR was trending near its best levels in over a week.
Tuesday’s Eurozone data did little to support Euro trade. Germany’s retail sales stats fell short of forecasts and Eurozone manufacturing PMIs were mixed. Overall the Eurozone manufacturing PMI met expectations, as French manufacturing beat forecasts but German manufacturing fell short.
The Eurozone’s final composite PMIs from Markit will come in on Thursday, which could influence Euro trade towards the end of the week.
GBP vs EUR trend analysis for 1st May
Although GBP-EUR has been in an uptrend for some time, the fact that the recent trend (blue line on the chart) is now pointing downwards indicates that a trend change may be forming that is likely to send the Pound lower against the Euro.
If you want to buy Euros, it might be prudent to do so soon, as it looks your Pound will buy less Euros in the near future.
The overview update is provided by TorFX, a leading foreign exchange broker. Click here for market leading GBP/EUR exchange rates
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