I expect the GBPEUR rate will rise as high as 1.40 in the coming weeks before falling to 1.35 before the election. I think the pound will then spike back after the election assuming a Tory coalition is in power. I think UKIP will not do as well in the actual election as has been forecast, as they are a party of uncertainty. They have no experience in government and on the day voters will be scared to vote for them.
I think the Tories plans on the economy will win them the election and sterling will rise after it. If you need to sell Euros for sterling I think moving before the election is a good idea. To wait until after could be a very risky decision with such strong chances an unexpected result would cause you to lose out significantly on your currency purchase.
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