Sterling prices have continue to tumble this week against the euro falling to the lowest level seen for nearly 2 months. Speculation has also increased about the future of Sterling and the new Bank Of England Governor Mark Carney, the rumours are that he will aim to change the UK economy from a consumer based to an export based. It seems that the trade deficit that the UK continues to fight against seems to be back in the limelight. Now to make everything that the UK produces more attractive to foreigners Sterling’s value will have to drop, that is why speculation has been building that more QE will come. 1.20 seems a long way off now as any gains will probably be short lived as various figureheads talk the economy and therefore Sterling down.
It has been forecasted by some that rates may fall by as much as 15%, I personally think that even though a fall is very probable 15% is an effort by some to sell papers. Perhaps a fall of 5% within the next 6 weeks is more realistic. There certainly does seem to be very little for GBPEUR traders to pin their hopes on at the moment which has made the GBPEUR trade one of the most popular this week as people have been limiting their exposure to these potential falls.
People selling the Euro however are in a much better position and generally seem happy to wait for data next week that is expected to weaken the pound and strengthen their situation.
Rates however never move in a straight line, meaning there will be opportunities for the quick movers when spikes do occur. If you would like any information about when these may be for your situation or want to see how our prices compare please feel free to contact us on the normal number +0044 (0) 1494 787 478 or email me, Steve Eakins, directly at email@example.com. Here we have been helping people move money for over 13 years, simply put if we could not save you money we would not exist. A quick 2 minute conversation could save you a very reasonable sum.