The pound has risen dramatically overnight as the UK Brexit deal is announced. Sterling has risen sharply against all the major currencies in early trading but has drifted lower from the more recent highs. We have hit a 6 month high on GBPEUR which is only outweighed by the post-referendum highs we have reached on both GBPAUD, GBPNZD and almost GBPUSD.
The pound is looking in a much better position as this news removes one of the biggest immediate concerns on the currency markets as we get a final approval for the go-ahead of a deal. This long-awaited news has seen the pound much higher and it appears the outlook now is much more favourable for the Brexit deal longer-term.
If you have a transfer buying or selling the pound then this news is going to have a key role on sterling exchange rates for the rest of today but also the coming days and weeks. The pound has actually started to drift away from the most favourable levels we have had today for buying a foreign currency as immediate concerns do start to set in over the next problems ahead for the UK, pound and the ultimate Brexit outcome.
For more information at no cost or obligation please speak to me Jonathan Watson by emailing email@example.com to get an overview of the immediate reactions and news that will ultimately shape the remaining news on this situation. Next week the dust will have settled and we have further key events to move the market including the US interest rate decision, ECB decision and also the EU Summit.
The pound has rallied but it appears to have peaked, if you have any transfers in the future please keep in touch with us to get the latest news and information on the rates.