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Sterling declines despite positive GDP Figures, will the Pound continue to fall? (Joseph Wright)

Thursday, October 27, 2016 10:33
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(Before It's News)

Despite a positive economic news release this morning, the Pound is still finding itself under increasing pressure as the currency is down pretty much across the board this afternoon.

Over the past quarter economic output within the UK grew by 0.5%, underlining the forecasts that the UK will avoid going into another recession despite the increased pressure on the economy after the Brexit vote.

What I gather from today’s economic releases is that there is currently little upward momentum for the Pound, as despite such positive news the currency has moved very little even if there was a slight bout of buying off the back of the release.

Personally, I think that if GDP had come out below the expectation of 0.3% we would have seen the Pound sold off quite heavily, and based on how quickly the Pound is being sold off whenever there’s a reference to a ‘Hard Brexit’, I’m expecting the Pound to continue to fall in the upcoming months.

There are some key GBP/EUR forecasts of note that anyone with a currency requirement involving the Pound and Euro should be aware of. HSBC have outlined a 1 for 1 price target next year and Credit Suisse have outlined 1.06 within the next 3 months.

If you are planning a currency exchange between Sterling and the Euro, it’s worth your time getting in contact with me on jxw@currencies.co.uk 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.

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