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Sterling Euro breaks through resistance levels of 1.40 (Tom Holian)
Sterling Euro exchange rates have spent the last few days on the rise as the Pound attempted to break through 1.40.
Well the resistance level was finally broken through during late afternoon’s trading session as profit-taking took place at the end of the month.
The amount of money moved affected the price of the single currency and this caused Sterling to finally break 1.40 on the Interbank level.
During October the ECB has suggested that further Quantitative Easing could take place in the next few months and in the US the Federal Reserve is getting ready to raise interest rates.
Both factors have caused the Euro to weaken creating some excellent buying opportunities.
However, each and every time during 2015 when Sterling has traded at these leaves they haven’t last long.
With UK inflation below 0% is this continues this could have a detrimental effect on the Pound but for the time being the Euro is clearly in a state of flux.
ECB president Mario Draghi is poised to address the markets on Tuesday and his comments could weaken the Euro further so if you need to buy Euros this week it may be worth seeing what happens on Tuesday.
On Thursday the Bank of England meets to announce their interest rate decision. This could see the Pound losing a bit of value as the BoE governor Mark Carney could comment on UK inflation and any negative talk could see Sterling fall against the Euro.
My perdition for the week is Sterling strength vs the Euro until Thursday.
If you have a currency transfer to make and want to save money on exchange rates compared to using your own bank then contact me directly for a free quote. Tom Holian [email protected]
Source: http://www.poundsterlingforecast.com/2015/10/31/sterling-euro-breaks-through-resistance-levels-of-1-40-tom-holian/
