After a positive two weeks for the pound, it has now been on a volatile run since the Bank holiday weekend. We have witnessed the pound lose value against both the Euro and US Dollar. We have seen GBP/EUR rates retract by 2.57% and GBP/USD 2.3% since Monday.
In the lead up to the EU (European Union) referendum on 23rd June, there are sure to be many more peaks and troughs for the pound. But there continues to be uncertainty surrounding the Brexit vote, which could keep the pound on the back foot.
I have been saying for a long time that as we get closer to the EU referendum day we could see the pound start a decline against many of the major currency pairs as uncertainty takes hold. There is likely to be far more risk to the downside from an out vote than any potential gains we may see if we remain in the EU.
Many analysts and banks alike have predicted a vote to leave the EU could see a decline of around 10% for the pound and a vote to remain in the EU should see the pound stabilise and we may see a marginal gain. Is that risk worth taking?
If you are considering a currency exchange now or in the near future for a property purchase, business transfer or just need to top up your account overseas I will be happy to explain all of the options available to you to help you minimise any future rate fluctuations going against you. Call me directly on +44 (0) 7989 0000.
We can use numerous tools from forward buying to placing stop loss and limit orders in the market to help you maximise your exchange and give you that all-important peace of mind in knowing how far your funds are going.
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Also published on Medium.