The rate has suffered a slight dip since the steady highs of the end of April, facing from around 1.187 to the current amount.
However, things are still looking good for the currency, which is holding strong since Theresa May announced the snap general election 2017.
However, some have warned that the pound could take a tumble thanks to the current election in France.
The first round of the French presidential election saw the euro surge, and there is a possibility the pound may be affected negatively again in the run up to the French presidential run-off.
The pound finished April on a high and consumers are encouraged to act to get the best rates on their travel money.
The pound to euro exchange rate finished April at 1.18846 having been as low as 1.1841 earlier in the month.
TD Securities released its latest set of forecasts for the foreign exchange market for the next two years.
Analysts at the Canadian financial services giant said they see pound sterling benefiting from political risk where it was once undermined by the same forces, leading up to Theresa May’s snap election.
The pound also managed to survive the European Central Bank’s monetary policy meeting, which it was reported might have a disastrous effect on rates.
The ECB made no changes to its key interest rates or bond buying programme, and the continuity meant no surge for the euro.
In a statement, the ECB said: “The Governing Council continues to expect the key ECB interest rates to remain at present or lower levels for an extended period of time, and well past the horizon of the net asset purchases.”
They also advised the French election was not influencing policy. ECB President Mario Draghi said during a press conference that the likely victory of Emmanuel Macron in next week’s French presidential election had no impact on its monetary policy decisions.
As the summer holiday season approaches, and with the pound looking strong, Martin Lewis reveals on his Money Saving Expert website how to get the best rates now or when away.
He adduced that using a card like the Halifax Clarity, which has long-term good feedback and low ATM withdrawal costs is a cheap option abroad.
He also advised prepaid cards, which have no credit check so anyone can get them.
Plus unlike credit cards where you get the rate on the day you spend, with these cards you usually pre-load them with cash before you travel, at that day’s rate.
