Brexit jitters are continuing to weigh on the Pounds value, with the currency losing a substantial amount of value over the past week across the board of major currency pairs.
Currency markets were already weary of the Pounds future price movements as we await the outcome of the Supreme Courts impending decision on whether or no the UK Government requires parliamentary approval before beginning the Brexit.
These fears were exacerbated over the past weekend as a much talked about interview offered the marketplace an insight into the UK PM’s plans for the Brexit. UK Prime Minister, Theresa May alluded to prioritising the control of immigration, as opposed to focusing on retaining the UK’s access to the single market.
Moreover, May commented that the UK cannot keep ‘bits’ of EU membership and this comment has fueled the fire of bearishness towards the Pound at the moment.
It’s for these reasons that we’ve seen the Pound soften over the week, and the sell-off accelerated this afternoon after May announced that she will be giving another major speech on her Brexit plans on Tuesday of next week.
I personally think that the Supreme Court decision will have been announced by then, so there’s a possibility we could see a lot of volatility between GBP exchange rates between now and then.
Until then, I think that anyone with a currency exchange requirement involving the Pound should pay close attention to the Supreme Court decision. The likelihood is that if the Government is successful in their appeal we can expect to see the Pound fall further, as the Government plans on invoking Article 50 at the end of March and there polices generally lean towards a ‘Hard Brexit’.
On the other hand if they’re unsuccessful the general consensus is that the Pound could get a lift. Feel free to get in touch if you wish to be kept up to date with the outcome of the Supreme Court’s decision, as of yet we have no definitive time as to when this announcement will be made.
If you are planning to make a currency exchange involving the Pound and another foreign currency, it’s well worth your time getting in contact with me on firstname.lastname@example.org 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.
You can also speak to me directly on the phone by calling 01494 787 478 and asking reception to speak with Joe.