GBP/EUR: the pair falls from €1.20

The British pound exchange rate (GBP/EUR) is falling after rising sharply last week.

The pound rose last week, supported by strong data which bolstered expectations that the BoE could consider tightening monetary policy further at its next meeting in March.

The UK services sector PMI is expected to rise in February to 55.5 from 54.1 in January.

The euro moved on the latest headlines from Russia and Ukraine, with optimism surrounding a diplomatic solution to lift the euro.

Eurozone PMIs are also expected to rise, with the composite forecast rising to 52.7 from 52.3.

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