The pound to Euro exchange rate is likely to face some turbulence in the coming week as Article 50 is triggered and we learn of some fresh direction on Euro exchange rates against sterling. Article 50 is predominantly associated with the pound but will also come to bear on the Euro as the UK represents a big part of the Eurozone economy. GBPEUR could spike as much as 3 cents to 1.18 whilst I forecast a drop to as low as 1.12. If you have a transfer buying or selling Euros for pounds keeping up to date with this important period is vital.
The pound has been weakening against the Euro ever since the vote last June trapped loosely in a range between 1.10 and 1.20. Some commentators believe much of the uncertainty is now priced into current GBPEUR rates but I believe there will actually be plenty more to come on Wednesday when Article 50 is triggered.
This will confirm that Brexit is finally happening and we will then be faced with a whole new set of problems for the pound. Questions such as how large will any Brexit bill be and rumours surrounding the type of deal the UK will achieve will all I believe weigh on the pound. Suspicions over the outcome will I believe lead to some big movements on the market as market participants try to second guess the outcome.
If you have any currency transfer to make involving buying or selling the pound or Euro then we don’t have long to put some plans in place to help you with your transaction. Leaving everything too late could prove very costly so to discuss your situation please feel free to email me Jonathan by using email@example.com. I look forward to hearing from you and offering some information to help you make a decision at the best exchange rates.