The pound euro (GBP/EUR) exchange rate is trading flat at €1.1660 but is set to rise 0.09% across the week.
The euro fell yesterday after the ECB raised interest rates by 25 basis points to a record 4%. However, the market sees this as the last rate hike this cycle.
ECB President Christine Lagarde is due to speak shortly.
The pound has drifted in recent sessions amid a lack of fresh fundamental data and as investors look ahead to BoE’s interest rate decision next week.
The central bank is likely to hike rates again but that could also be the last hike.
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