The Pound has been having a bit of a rough ride against a strong US Dollar. The USD strength has lasted for quite a time now, especially against the Euro. This has kept STG/EUR up quite a bit. That pair is being influenced by the movement in GBP/USD and EUR/USD at the moment and is taking its cross currency title very seriously.
But, how long will these influences carry on, it remains to be seen but our thoughts of an eventually weak STG/EUR remain unabated. There are lots of BREXIT hurdles still to climb and much uncertainty still in the Government and with economic figures.
1.15 is still a pivotal level. If we do break this we have a fairly good chance of reaching 1.16. A lot of this will depend if the Pound can make a recovery against the USD in the short-term. On the downside we may look to 1.12 again. If EUR/USD should make a large recovery and move up then STG/EUR could be the one to suffer.
Lots of different scenarios to play out and again keep an eye on any news coming from the UK regarding BREXIT .That could yet again come into focus and cause problems for the pound.
Have a good week.
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This article was updated on the 4th of June, 2018.