The British Pound Sterling (Currency:GBP) is forecast to find recent strong gains are harder to come by through the remainder of 2013.
On Monday morning we do however see advances against the Euro are still being realised:
The Pound to Euro exchange rate is 0.17 pct higher; with GBP/EUR is at 1.1880.
The Euro to Pound exchange rate is therefore at 0.8417.
Be aware: The above quotes are taken from the wholesale spot markets. Your bank will likely affix a discretionary spread to the figures when passing on a retail rate. However, an independent FX provider will guarantee to undercut your bank's offer, thus delivering more currency. Please learn more here.
Pound Sterling Forecasts: GBP Will Likely Struggle
This morning we hear from foreign exchange rate market analyst Chris Walker at Barclatys who is forecasting the British Pound Sterling (Currency:GBP) to struggle
Ahead of this week's all important employment data Chris Walker at Barclays says positive momentum behind the British Pound is likely to wane:
"UK labour market data will be the most important event for GBP next week (Weds). The BoE has directed the market to look through the recent improvements in data, since they expect the unemployment rate to be sticky (as do we, beyond this month).
"Accordingly, any indication that the labour market is improving will prompt questions about the BoE’s forecasts and work in favour of GBP.
"We expect the recent improvements in jobless claims to continue (-24.0k, cf -25.0k). We also expect this to nudge the ILO unemployment rate lower one tenth to 7.7% (cf7.8%). Governor Mark Carney will also speak in front of the Treasury Select Committee on Friday.
"As we noted last week, our DSI is in extreme positive territory, so the positive momentum which has driven GBP strength is likely to slow.
"Given the sharp increase of short positions in short-sterling contracts and recent price action, we would tactically look for some downside versus the USD."
The Pound to Euro exchange rate is higher and approaching 1.19
The Pound to Dollar rate is also higher and is approaching 1.570.