The market remains fixated on the Referendum results, the impact continues to shock the market. The impact its had on the British economy is yet to be seen. Check live exchange rates here.

Brexit – What has it meant for GBP so far?

Following on from the referendum result on Friday Sterling exchange rates have had a real tough time as the markets react to the decision of the U.K to leave the EU.

We have seen some fantastic opportunities for those looking to sell foreign currency and have entered into a shaky time for those looking to send money overseas now or in the near future.

I thought I would explain just why Sterling has dropped by so much and what we can expect in the near future.
Two of the main factors that will impact a currency are economic stability and political certainty and now that the U.K has voted to leave we are faced with problems for both.

Investors and speculators alike are now likely to leave the Pound alone until we at least see the dust settle and have a clearer picture of what may be happening, both in terms of our economic plans and who will be steadying the Governmental ship through these exceedingly choppy waters.

If you viewed the U.K as a business then nobody would invest into that business unless they knew who would be managing it and what the plans for the future were and that is why the Pound has been finding life tough post Brexit.

I personally feel that once the dust has settled that we will see Sterling start to edge back up in the right direction but the issue that we have is that it is extremely dusty out there so if you have requirements over the summer then it may be prudent to take advantage of current levels to avoid the risk of any further disappointment. We offer a number of contract options here so if you would like to discuss these in more detail then feel free to contact our trading floor today and we will be more than happy to assist you.

With the potential for Sterling to weaken further, you may want to consider making an exchange sooner rather than later. Call our trading floor on 01494 725 353 or email me here for a quote.

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Exchange rates on this page are interbank rates and indicate where the market is trading to show the performance of a currency pair. They are not indicative of the rates which we offer. The information on this web site is provided free of charge for information purposes only. It does not constitute advice to any person on any matter. Foreign Currency Direct plc. ("FCD") makes every reasonable effort to ensure that this information is accurate and complete but assumes no responsibility for and gives no warranty with regard to the same.