• About Us
  • Authors
  • Currency Charts
  • Live Exchange Rates
  • Contact Us

Exchange Rate Forecast

Exchange rate forecasts and foreign currency news

  • British Sterling
  • Euro
  • US Dollar
  • Australian Dollar
  • Canadian Dollar
  • Brexit News
You are here: Home / British Sterling / Sterling rallies following talk of transition deal agreement

Sterling rallies following talk of transition deal agreement

March 12, 2018 by Ben Fletcher

Sterling rallies following talk of transition deal agreement

The Pound shot up this afternoon following reported rumours breaking that the UK and EU negotiating teams are close to agreeing a transition deal after the Brexit deadline. Robin Walker who is a junior minister said that Britain is very close to reaching a deal with the EU.

After the last few months there is hopefully going to be some news in the next few weeks, with the EU Summit set to take place at the end of March. The Summit has always been hallmarked as the point in which a deal was going to be hopefully agreed and the jump today certainly shows the market is waiting for any news of Brexit progress.

In the next few weeks Sterling could break out of the current lull after last week was the Pound’s least volatile week for 2 years. There is currently total focus on the Brexit talks which were proven last week after there was poor UK data released for Sterling but the exchange rate still rose. This suggests that whatever decision or deal that gets made in the next few weeks could completely dictate market movements.

If the rate was to rise up to the 1.15 level then there could be optimism of a movement more towards the 1.18 at the end of the year. Barclays previously suggested they thought the rate might get very close to 1.20 however without positive Brexit talks and a clear agreement for the UK’s transition out the EU this currently seems unlikely.

In the next few weeks before the end of March I will be surprised to see any major movements with the market poised in anticipation. In my opinion if you’re looking to buy Sterling then the lows of the last few months may not be on the cards for too much longer. Completing any transfers in the next week or say may be important to avoid missing out on the low teens.

Filed Under: British Sterling Tagged With: Brexit, Brexit negotiations, Pound strength, Transition period

The information on this website is provided for information purposes only. It does not constitute advice to any person on any matter. Every reasonable effort is made to ensure that the information is accurate and complete but we assume no responsibility for and offer no warranty with regard to the same.

Recent Posts

  • Sterling finds support but unlikely to make any significant impact in the coming days May 9, 2018
  • US Dollar hits 5 month high against Sterling May 2, 2018
  • Sterling exchange rates at the mercy of political developments May 1, 2018
  • Pound weakens as political uncertainty once again raises its head May 1, 2018
  • Will Mario Draghi’s speech impact GBP/EUR? April 26, 2018

Live Exchange Rates

Archives




Copyright © 2021 — Currency.co.uk • All rights reserved. • Exchange Rate Forecasts • Privacy Policy •

We use cookies to ensure that we give you the best experience on our website. By using this site you agree to receiving cookies.I agreeRead Privacy Policy