The Pound Euro (GBP/EUR) exchange rate is heading higher for a third straight day, pushing beyond €1.1850.

The Pound advanced on Monday despite a cautious tone from BoE policymaker Silvana Tenreyo and a lack of progress over Brexit renegotiations. UK Brexit minister David Frost said that the latest EU proposal didn’t go far enough.

There is no high impacting UK data due today. The Chancellor’s UK autumn budget on Wednesday is awaited.

The Euro slumped on weak German business data and after the German economic outlook was downgraded by the Bundesbank.

There is no high impacting EU data today. Investor will look ahead to the ECB rate announcement on Thursday.