Pound euro exchange rate ‘struggles’ as it faces ‘resistance’ – should you book a holiday?

Holidays: Simon Calder advises to use ‘human’ travel agents

The pound to euro exchange rate saw success last week, with sterling managing to hold its own against the euro. This week, the currency pair have so far remained above the €1.12 mark, in a positive move for GBP. The pound is currently trading at a rate of 1.244 against the euro according to Bloomberg at the time of writing.

This is slightly below yesterday’s rate of 1.1247.

The pair are currently stuck in a rut as they “struggle” to push past that 1.1280 mark

Currency expert Michael Brown of Caxton FX spoke with Express.co.uk to share his exclusive insight into what is in store for the exchange rate.

“It was once again a fairly muted day for GBP/EUR yesterday, with the pair continuing to struggle for direction a little,” he said.

We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.

“1.1280 remains the key upside resistance, a level that has been rather stubborn to break thus far.

“Inflation figures from either side of the Channel are due today, though shouldn’t be market-moving.”

Should I book a holiday?

Travelling abroad is currently out of the question for most Britons due to lockdown restrictions.

The latest national lockdown has banned Britons from travelling abroad or domestically for leisure purposes.

Holidays: Britons warned to holiday ‘closer to home’ [INSIGHT]
Italy holidays: FCDO update – airlines & airports on ‘reduced service’ [UPDATE]
Holidays: Expert predicts ‘vaccination certificates’ [ANALYSIS]

Only those with an essential reason are exempt from the rules.

The new rules have seen many airlines such as Jet2 cancel all their flights and holidays.

James Lynn, co-CEO and co-founder of travel debit card Currensea has offered his advice for Britons looking to book a holiday and beat the summer rush.

He said: “Now is actually a great time to book your summer holiday because flights and hotels are excellent value thanks to the January sales and uncertainty around the COVID travel restrictions.”

However, he added that Britons need to follow “important steps” in order to protect themselves.

He continued: “Check the refund policy on flights or accommodation before you book to ensure that the company will refund you fully, in cash, rather than with a voucher.

“If a company refunds you with a voucher and then goes bankrupt it can be incredibly challenging to get your money back.

“As well, if possible, stay away from paying a deposit or only if it is a very low deposit required close to the time of the trip so you can make a decision as you approach your travel date.

“Finally, I recommend staying away from package holidays at the moment.

“If you book everything separately you can review T&Cs of each company individually to ensure they have good refund policies.

“It will be easier to move booking dates if required and you won’t have to deal with middle men who make it hard to communicate directly with the company.”

Source: Read Full Article