The Pound has found this week fairly tough against most major currencies, dropping off against most majors.
It does appear that brexit worries and the threat of another Scottish referendum are weighing down a little on the Pound and keeping it out of favour with investors and speculators.
Today we also had slightly worse than expected services data for the U.K this morning too which is another sign that the U.K economy is feeling the pinch a little since the referendum. Economic data had been holding up Sterling exchange rates even through these uncertain times but we are starting to see U.K economic data take a slight turn for the worst over the past 6 weeks or so.
My personal opinion is that Sterling is greatly undervalued and that once we see article 50 and brexit worries lifted from the front pages, and other issues around the world start to take the reigns the Pound may have the chance to creep back up. Of course there are banana skins to avoid with brexit negotiations and should we start to see problems arise for these, or large corporations starting to seek to leave the U.k then there is still a chance the Pound may drop further.
What I feel is more likely is starting to see trade deal negotiations going well and lots of handshakes and smiles for Theresa May, which will more than likely start to bring some confidence back into Sterling exchange rates and to give them a lift.
Next week we have plenty of data for the market to get stuck into so it is key that you keep a close eye on exchange rates as they do move every day by the second.
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