GBP Under Further Pressure Following Brexit Concerns (Matthew Vassallo)

Pound Stronger vs Canadian Dollar this Morning

GBP/CAD rates continue to tumble, as the fallout from the recent Brexit continues. The Pound is coming under increasing pressure, as investors try to digest the result and weigh up the damage its already done to the UK economy. It is clear that the markets have viewed this as the wrong decision and Sterling’s value has decreased significantly as a result.

This means that everyone’s Pound is now worth significantly less than it was a couple of weeks ago. GBP/CAD rates have fallen below 1.70 on the exchange, their lowest levels in over two years. The markets are in state of panic and with Bank of England (BoE) governor confirming there would be tough times ahead for the UK economy, I expect Sterling to remain under pressures for the foreseeable future.

Personally I would avoid gambling on this market and any move back to 1.70 or above should be taken advantage in my opinion. Whilst so much economic and political uncertainty hang over the UK, investor confidence is likely to remain minimal and therefore any major, sustainable advances for the Pound are unlikely.

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