Sterling spikes against most majors – A good week for the Pound but will it continue?

GBP EUR Risks Surrendering the 1.1600 Level 

Sterling spiked against all major currencies in trading yesterday afternoon, hitting the highest point since June 2017 against the Euro and offering those looking to buy foreign currency in the near future a fantastic opportunity.

The Pound has been on a slow rise this year and yesterday’s further boost shows once again that confidence in the U.K economy and indeed the Pound, is rising, but we do still need to be cautious that it would only take one bad piece of economic or Brexit news to stop it in its tracks.

For those who are regular followers of our website you will more than likely be aware that these spikes in the market do not seem to stick around for long – well they certainly haven’t since the EU Referendum anyway!

Sterling has remained fairly steady throughout the course of the trading day, if anything losing a little ground which is more than likely due to profit taking following the recent spike we have seen.

next week we have a lot of economic data out for the U.K including unemployment, average earnings, inflation and retail sales data all due out between Tuesday and Thursday. Depending on how good or bad this data is, Sterling may continue its charge or this could see the end of the spike we have seen recently.

I personally still feel that Sterling is undervalued against most major currencies and that there is plenty of room for the Pound to climb higher assuming there are no blips with brexit talks and the proposed interest rate hike still goes ahead in May.

If you have a large currency exchange to make involving buying foreign currency with the Pound or selling foreign currency back and buying Pounds then it is well worth you contacting me directly. You can get in touch with me by emailing me (Daniel Wright) directly on [email protected] and I will be more than happy to contact you personally to see how I can help you. We offer highly competitive exchange rates along with help on timing your transaction and would like to think our customer service is way above and beyond elsewhere. I look forward to speaking with you.