GBP "to hold firm" as experts say NOW is the time to exchange your currency
As Boris Johnson entered Downing Street yesterday afternoon and began naming his cabinet, GBP rallied slightly against the Euro as investors welcomed the end of the impasse at the heart of government.
The pound was at 1.1154 on Tuesday after a torrid week that saw it dip to 1.1068 the previous Tuesday before rebounding to 1.1206 as Mr Johnson became the new PM.
Speaking this morning, Currency Online Group CEO Paul Brewer said that GBP is likely "to hold firm" at it's currency level for a short while before negotiations with the EU resume later in the month.
He continued "At the moment the pound is trading steadily against the Euro hovering around the 1.11 level . However once the negotiations begin again between the UK and the EU it really is anyone's guess because no one quite knows what the new PM will seek from his EU counterparts. If he commits to a no-deal brexit, the pound will suffer a heavy fall."
What does this mean for those people wanting to travel to Europe over the summer months?
With so much still uncertain, Britons have been left wondering when is the best time to exchange their travel money to avoid losing out. According to the Currency Online Group CEO, that time is now:
“We expect the markets to react very quickly once it is clear what direction the Brexit process is heading so we’re advising our customers to make any currency exchanges now”.
If you are heading to Europe and are happy with the current available rate, the expert’s advice is to ‘lock in’ now to avoid being out of pocket later on.