GBP/EUR: Pound Tumbles vs. Euro As Brexit Project Fear Steps Up A Gear

The pound euro (GBP/EUR) exchange rate is rising, extending gains from the previous session.

The euro trades under pressure after German consumer confidence falls to a record low of -30.6 in August, down from -27.7 in July. Concerns over rising inflation as food and gas prices rise hit sentiment.

Concerns over energy security also weigh on demand for the euro.

The pound is rising but is capped by weak data. Retail sales continues to fall in July as the cost of loving crisis takes its toll, expectations dropped to -14.