Pound Sterling still sinking following explosive Referendum result!
Following the Leave referendum result that has seen us start the process to exit the European Union the Pound has dropped to a 31 year low against the Dollar and seen billions wiped of stock markets around the world.
Lets be clear, we are in uncharted waters now concerning the UK’s economy and I predict a substantial period of volatility. When it comes to holidays and travel money consumers are already feeling the pinch with £100’s of pounds being added to the cost of their holidays.
There is a flip side though with those who have been sitting on foreign currency especially US dollars and Euros are now seeing great returns when converting back to Sterling.
With the UK losing its coveted AAA credit rating yesterday and uncertainty surrounding the UK’s exit plan as well it’s future trading position with the EU and indeed the rest of the world, further Sterling weakness is highly likely. I feel when Article 50 is invoked marking our permanent exit from the EU, we will see a further dramatic drop in the Pound and the current rates will seem very attractive.
My advice to those wanting to buy currency, should be to act sooner rather than later and take advantage of any however fleeting spikes in Pound strength. For those with currency to sell, the time is certainly now if your looking to make a good return.
As usual CurrencyDeals4U strives to bring you the latest market analysis and the best rates on buying or selling currency. The markets will be very active in the months ahead and we will endeavour to keep you updated with all relevant developments.
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