Despite performing well at the beginning of last week, sterling is struggling today as it trades close to its lowest level since February. This could lead to more struggle in the days to come, according to one expert.
“That said, the bears do now look to be in control of proceedings, given the market closing on Friday to the downside of the recent 1.1490 – 1.1710 range, and the fact that the pair has notched four straight daily declines before today.
“Though the calendar is a little quiet to start the week, today will be more technically driven, with a failure to reclaim the aforementioned 1.1490 level likely to lead to further downside in the days to come.”
Sterling has struggled within the past week, despite seeing some positivity at the beginning of last week, with it seeing its best day of the month.
Since last week, the pound has continued to decrease against the euro.
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When it hit its monthly high, Mr Brown explained: “Sterling had its best day in a month against the euro yesterday, charging north of the 1…