GBP/EUR: Pound Targets €1.16 On Euro Weakness

The Pound Euro exchange rate is edging lower on Friday after solid gains in the previous session.

The Pound received a boost on Thursday after the EU and the UK finally agreed a fishing deal said to be worth £333 million to UK fisheries.

All eyes will now turn to the UK GDP reading for the three months to April. Expectations are for a 1.5% expansion, following a -1.5% contraction in the previous month.

The Euro came under pressure after the ECB monetary policy announcement. The ECB kept interest rates on hold, as expected and kept the PEPP bond buying programme at €1.85 trillion. The ECB upwardly revised both inflation and growth forecasts.