Sterling continues to decline as markets await Brexit decision, will the Pound continue to lose value? (Joseph Wright)

GBP EUR Exchange Rate: Week in Review October 9th

The Pound continues to come under pressure against the Canadian Dollar as foreign exchange markets continue to digest the much talked about interview of UK PM, Theresa May over the past weekend.

The markets have concluded that May’s comments alluded to a preference for a Hard Brexit, whereby the government will focus more on the control of immigration as opposed to making the retention of the UK’s access to the single market a priority.

Ever since the UK electorates vote in favour of a ‘Brexit’, markets have reacted positively to hints of a ‘Soft Brexit’ whereas the Pound has been sold off whenever talk of a ‘Hard Brexit’ has been in the headlines.

The current topic of discussion is the impending decision from the Supreme Court regarding whether or not the UK government can invoke Article 50 and begin the Brexit process at the end of March, which is their plan.

If the Supreme Court rules in favour of the Government, I’m expecting to see the Pound fall as the likely outcome is that Brexit will begin shortly. On the other hand I expect to see the Pound gain if the government loses it’s appeal as if they do, it’s likely that we can expect to see a softer Brexit.

The outcome of the appeal is expected to be released within the next 5 days or so but when exactly is hard to say, so if you wish to be kept up to date regarding the outcome feel free to get in touch.

If you are planning to make a currency exchange involving the Pound and the Canadian Dollar, it’s worth your time getting in contact with me on [email protected] in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.