THE POUND CONTINUES TO RISE! BREXIT NEWS!
Over the last week the Pound has continued to recover from the lows following the referendum in part driven by sentiment surrounding Brexit. This week we gained a glimpse of the Brexit process from Brexit secretary David Davies who implied that the UK may be willing to pay some sort of financial contribution to the EU in return for continued access to the single market. This softening of position away from the “Hard Brexit” stance that has prevailed in the media has given the Pound a boost with Market levels peaking at 1.19 yesterday for GBP to Euro.
This is currently a volatile time for the Pound and the Euro we have seen swings of 2% in the last 3 weeks. Although this doesn’t sound like a big figure it has a large effect on large currency purchases.
All eyes will be on Italy on Monday as the country holds its referendum on constitutional reforms. Prime minister Matteo Renzi has said he will resign if the vote does not go in his favor. If he should stand down this will create further political instability in Italy and this coupled with its recent banking problems is likely to have a sharp impact on the Euro. Many analysts including myself believe that should this situation come to pass market levels will rise above 1.20 GBP to EURO, this will present an excellent buying opportunity for late holiday makers this year and should be capitalized upon before Market movers return there focus to the UK and its eventual exit from the European Union. We are likely to enter a very volatile period of uncertainty as Article 50 is triggered next year and this will have a dramatic effect on the currency markets
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