GBP/EUR: Pound Targets €1.16 On Euro Weakness

The Pound Euro (GBP/EUR) exchange rate is consolidating after experiencing steep losses across the previous week.

The Pound fell 2% last week despite strong fundamentals amid a heavy bout of profit taking.

The UK economy sees all shops, hair and beauty salons and outside hospitality re-open today.

UK GDP data is due tomorrow.

The Euro bounded higher in the previous week amid vaccine rollout developments and a slightly improved economic outlook.

Eurozone Retail sales are due shortly and are expected to show a 1% MoM rebound after a -5.9% contraction in January.