Sterling’s sell off has paused this afternoon as the GBP/EUR pair have found strength at the 1.1300 mark.
The sell off was initiated by comments from Theresa May over the weekend at the conservative conference, as she stated that the invocation of Article 50 will occur in March of next year and this has dampened investors spirits as I covered on Monday.
Despite some positive figures from the UK construction and manufacturing sectors we’ve seen little of a fightback, and i’m putting today’s pause of the sell off down to bargain hunting day traders buying the Pound on the cheap.
Moving forward I think that we could see the sell off recommence, and i’m not alone as number of major financial institutions have outlined weaker sterling forecasts in the upcoming months.
Probably the most prominent is that of UBS, who have a outlined an end of 2017 forecast at 1.00 for GBP/EUR and 1.20 on GBP/USD.
With such weak predictions for the Pound in future it may be an idea for those working to a time limit, or a budget to consider making their conversions sooner as opposed to later as many are predicting further falls.
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