What lies ahead for Sterling?
Sterling has struggled against the majority major currencies for some time and there has been limited opportunities to buy at a favorable rate. If we look at GBP/EUR for example it has been range bound between 1.12-1.15. 1.15 was only available for a very small window following the announcement of the Irish border deal. The fragility of the pound was displayed when we saw a sharp fall shortly afterwards when David Davis announced the deal was not legally binding. It is now more important than ever to be in touch with an experienced broker to make sure you can take advantage of spikes in your favour.
I am afraid that short to medium term we could see further Sterling weakness. Brexit negotiations will be key to the pound’s value and Phase two talks are set to take place later in the month. The UK and Brussels are already at loggerheads with David Davis stating he will not allow Brussels to cherry pick and also has slammed EU agencies for advising UK companies to leave Britain or risk having their contracts terminated. Brussels has also begun plans for a no deal situation. Trade talks will be the most important aspect of the Brexit progress and also could be the most difficult. With the two sides seemingly miles apart on a deal it does not bode well for the pound.
We have seen the pound strengthen considerably against the US Dollar today following weak inflation data sate side. This means the chances of three rate hikes by the Fed this year are not so promising. I am skeptical of GBP/USD remaining at current levels however due to the fragility of the pound.
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