British politics in turmoil, due to ‘Brexit’ (Dayle Littlejohn)

Throughout Friday the pound plummeted against all of the major currencies due to the UK publics decision to the leave the European Union.

UK Prime Minister and Conservative leader David Cameron announced he would be standing down and wanted his predecessor to take over by October. Many believe former Mayor of London Boris Johnson could take over however many of the Conservative MPs feel that Boris betrayed David Cameron for his own political benefit.

This morning half of the Labour MPs have announced they could resign in a bid to remove Labour leader Jeremy Corbyn. Furthermore, this weekend Hilary Benn announced she had ‘lost confidence’ in Corbyn’s leadership and consequently was sacked.

At the moment it seems like the Conservative party and Labour party are clearly divided which in turn will no doubt put pressure on the UK and consequently the Pound.

What should I expect this week for the pound?

With the FTSE100 down and the pound plummeting on Friday, unfortunately I think there will be more of the same this week. HSBC have already announced they could move 1000 employees from London to France once the UK leaves the European Union. As soon as more businesses start to announce they could be pulling the plug in the UK the pound’s value will fall.

If you have a foreign currency to buy within the next 12 months and do not have all of your Sterling available we can still help before the pound falls further. I would recommend locking into a forward contract, this is where you take today’s exchange rates but pay later for it.

When buying or selling the Pound its important to analyse both currencies that you will be trading (GBPEUR, GBPUSD, GBPAUD). Feel free to email me with the currency pair you are looking to trade and the time-scales you are working too and I will email you with my forecast and the process of using our company [email protected].

As a company we pride ourselves in the ability to get you a better exchange rate than your current currency provider or your bank. In addition we can outline your options and the potential future events, which will impact your exchange rate. This will make you more informed when trading.

Alternatively call me on 01494-787478 and ask to speak to Dayle Littlejohn. I look forward to hearing from you.