Currency - GBP / Euro

Sterling has been rather well supported against the Euro in recent weeks. The upward trend is pretty much intact but the Pound slipped a bit from the highs after Tuesday’s poor GDP data. The Euro would certainly be in greater demand if the Eurozone wasn’t pumping out poor report after poor report and perhaps if there was a little more unity between the European Central Bank and the various National banks. And the recent comments from ECB members warning of major loses looming for EU banks due to the financial turmoil in eastern European nations haven’t helped the young currency. Consequently, whilst the picture in the UK is far from rosy, in comparison with Europe, Britain has an air of positivity about it. A range between EUR 1.14 and EUR 1.18 appears to be entrenched and I would use that range to make short term buying or selling plans.