Pound to Euro rate holds its ground around the 1.14 mark, will Sterling continue to climb? (Joseph Wright)

Although there has been a slight sell-off in the Pound, the currency is more or less holding it’s ground and for now I think it’s fair to say that the Pound has consolidated its recent gains.

With the GBP/EUR pair trading either just over or just under the 1.14 mark for most of the day, I think the pattern demonstrates that there is demand to continue buying Pounds which pushes up its value, but many day traders are putting selling pressure on the Pound as they are selling their positions and taking their profits as the pair reach the upper levels of their current trend (1.14).

The financial markets appear to have gained some confidence in the Pound and the UK economy recently, as it looks less likely that the Brexit will turn out to be quite as negative to the UK economy as many economists had predicted. With the Brexit bill now agreed and the negotiators on either side now able to push forward and begin negotiations, I think that there could be scope for the Pound to climb if news surrounding the talks is positive, but there is of course the potential for a fall if the opposite is the case.

If you would like to be updated in the wake of a short term spike in the value of the Pound in either direction, do feel free to register your interest with us.

If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on [email protected] and I will endeavour to get back to you as soon as I can.