Will the Pound find support at its current levels, or is it overvalued at the moment? (Joseph Wright)

It’s been a busy week for GBP exchange rates after last week’s interest rate hike from the Bank of England.

Sterling climbed in the lead up to the announcement by the Bank of England before being sold off quite dramatically immediately afterwards, which many have simply put down to profit taking from investors.

Fortunately for those planning on converting Pounds into another major currency the Pound had almost recovered back to the high levels of last week so anyone that thought they had missed the best time to make their transfer has now been given a second chance.

If you’re planning on making a currency exchange involving the Pound it’s worth considering the comments made BNP Paribas this morning, which have coincided with a slight drop in the Pound’s value.

BNP Paribas is France’s second largest bank and they believe that next year UK economic growth will slow at a faster rate than the Bank of England and many other economists believe.

The BoE last week announced that it expects to hike rates in the UK a further two times in the next three years which is a conservative approach, so I personally expect to see the Pound fall should there be talk of these rate changes not materialising. If BNP Paribas is correct and the UK economy does slow down quite dramatically there will be less likelihood of a rate hike in my opinion.

If you’re reading this because you’re planning on making a currency exchange involving the Pound, it’s worth keeping in touch with me and registering your interest as if there are any major moves between the Pound and another major currency, we’re on-hand to react to the moves.

If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on jxw@currencies.co.uk and I will endeavour to get back to you as soon as I can.