Will the Pound be able to hold onto its recent gains? (Joseph Wright)

Those following Sterling exchange rates will be aware that the currency has been boosted over the past month, as its trading either at or close to its 2017 highs against the majority of major currency pairs.

Despite dropping to its lowest level against the Euro in 2-weeks after Emmanuel Macron won the first round of voting in the French Presidential election, the Pound to Euro rate is still around its 2017 highs making Sterling to Euro transfers a much more attractive proposition than it has been for some time.

The Pound to US Dollar rate is also trading around its highest level so far this year and you would have to go back to the early days of October last year to see the GBPUSD rate this high. The Trump train in the US appears to be slowing which has offered Sterling sellers with more attractive buying levels, and moving forward I do expect to the Pound perhaps again more ground on the US Dollar when we consider how much further the Pound has to climb to recover the ground lost due to the Brexit vote.

Moving forward to expect the UK election in June to potentially affect the Pounds value, although as it stands its looking likely that the conservative party will win which will allow the current government to move forward with their Brexit plans. I also think that any major updates regarding the state of trade negotiations between the UK and other countries will impact GBP exchange rates due to the importance of them in this time.

If you are planning to make a currency exchange involving the Pound and another foreign currency, it’s well worth your time getting in contact with me on jxw@currencies.co.uk 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.