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Sterling remains within the upper end of its current ranges, will this continue as Brexit begins? (Joseph Wright)
The Pound has remained relatively range bound for the past few weeks as many watching GBP exchange rates will have noticed.
This afternoon the Pound managed to break above it’s recent ceiling (its upper level of the current trend) of 1.18 against the Euro. Prior to this move the currency had struggled on a number of occasions whereas today the currency was aided as the Euro came under pressure.
The Euro weakened leaving the GBP/EUR exchange rate at it’s highest level in 2 months, after another opinion poll showed that far-right French presidential candidate Marine Le Pen is gaining in popularity in France.
The situation with the US Dollar isn’t too dissimilar as the Pound has remained range bound between 1.23-1.26 for around a month now with the pair currently towards the upper end of this recent trading range.
With the formal initiation of the Brexit process due to commence next month, it will be interesting to see where the Pound goes from here but I personally think those planning on converting the Pound into another major currency have been dealt a good hand in that many had expected to see a very weak Pound around this time.
The political climate could heat up in Europe as the year goes on which may benefit the Pound as it becomes more of a save haven currency, but the facts are the Pound is currency at it’s highest level against the Euro so far this year so it may be an idea to remove the risk of the currency losing value as Brexit begins.
Economic data out of the UK is quiet this week, but feel free to get in touch if you wish to be kept updated with GBP related price movements.
If you are planning to make a currency exchange involving the Pound and another foreign currency, it’s well worth your time getting in contact with me on [email protected] in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.
You can also call in and ask reception to speak with Joe on 01494 787 478.
Source: http://www.poundsterlingforecast.com/2017/02/21/sterling-remains-within-the-upper-end-of-its-current-ranges-will-this-continue-as-brexit-begins-joseph-wright/
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