The recovery of the pound has been supported by a weaker dollar as markets post-election in the US is losing momentum. Investors are bracing for the release of the UK's inflation figures will come out later this week and should it remain high then this will spark concerns over the Bank of England tightening policy, this could weigh heavily on the pound.
Jane Foley, senior FX strategist at Rabobank said, "The pound continues to hold its own vs. the EUR. We retain our forecast that EUR/GBP is likely to edge to the 0.8150 level on a 12-month view."
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