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GBP/USD holds firm after Theresa May triggers Article 50.

Arron Morris Currency Broker - GBP/USD holds firm after Theresa May triggers Article 50.Written by
Arron Morris
Senior Currency Broker
T: 01442 892 065

After dropping around two cents since Monday, the pound has actually risen against the dollar since UK Prime Minister Theresa May invoked Article 50 at 1230 BST.

The majority of forecasts had predicted the pound would fall across the board the moment the government triggered Article 50, as it would create a huge amount of uncertainty.

However, that has not been the case and after Theresa May’s positive speech the pound has started to rally, with the GBP/USD cross rising almost a cent from the early hours of this morning.

GBP/USD exchange rate graph

GBP/USD exchange rate graph

Although most predicted the pound to fall today, in my opinion today’s move in the FX market has not come as a surprise.

We have known for over six months that Theresa May would trigger Article 50 by the end of March, so it has certainly not come as a shock to anyone. Markets have also had since the 20th of March to prepare for today, so if there was going to be a huge sterling sell-off it would have happened last week.

Despite the pound holding its ground today, I don’t think we are suddenly going to see the GBP/USD cross suddenly shoot back towards $1.30 anytime soon.

We now have to prepare ourselves for two years of negotiations and during that time I expect the pound to remain under pressure.

So if you have a requirement to buy or sell dollars in the next two years and are worried about the impact the Brexit negotiations will have on your transfer, contact me today for a free, no-obligation consultation.

As a specialist in currency exchange I have a number of tools at my disposal to help you maximise the return of your transfer or protect you against adverse market movements.

For more information about how I can help or to find out what rate I can offer, complete the contact form on the right-hand side of the page or call me directly on 0044 (0) 1442 892 065.

Arron Morris
Senior Currency Broker
T: 01442 892 065

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