GBP/EUR: Pound Tumbles As PM May Clings To Power

The Pound Euro (GBP/EUR) exchange rate is heading lower for a third straight session. The pair continues to fall away from its 5 high high at €1.2194 and is within touching distance of €1.20.

The Euro gained ground from reports that the EU is considering a massive joint bond sale to finance its energy and defense needs and to protect it from the fallout from the Russian war.

The Eurozone economic calendar is light.

The Pound has come under pressure after the UK joined the US and banned Russian oil imports in a move which could send petrol prices sky high and inflation soaring.