GBP/EUR: Will Eurozone GDP Data Pull Euro Lower?

The Pound Euro (GBP/EUR) exchange rate is trading on the back foot at the start of the week, extending mild losses from the previous week.

UK Prime Minister Boris Johnson, on Friday, told the UK to prepare for a no trade deal Brexit amid disappointing progress in Brexit trade talks. Talks will still continue this week with hopes of progress.

UK covid cases continue to soar as large parts of the country saw lockdown restrictions tightened over the weekend.

The Euro trades broadly under pressure as covid cases on the old continent surge. France records 30,000 new infections over the past 24 hours. Investors fear the economic recovery could start to reverse.