Since my last post GBP/USD exchange rates have climbed back over $1.68 as the pound looks to claw back some of the ground it lost last week following the comments from Bank of England Governor Mark Carney. Sterling/dollar reached a high of $1.6842 during trading today but remained within a 40 pip range due a very quite day in terms of economic data releases.
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It seems little can be done to halt the pounds momentum at the moment, even the actions taken by the Bank of England have done little to de-value the currency. Sterling is still the currency of choice for investors and as I have said before this seems unlikely to change anytime soon. I still think we will see an interest rate rise by the Bank of England before we see any action from the U.S. Federal Reserve or the European Central Bank and if turns out to be true I cannot see the dollar making any significant inroads against the pound.
This is great news for anyone looking to buy U.S. dollars, as it currently stands exchange rates are very close to the highest we have seen since 2009. Unfortunately with every positive there is a negative and while it is good news for buyers, the same cannot be said for anyone looking to sell the greenback.
With the way the currency pair has been performing over the last few months, watching the rate and hoping it comes down could prove very expensive. We have seen the GBP/USD cross rise by 14% over the past 10 months and unless something dramatic happens in the UK or U.S. I cannot see exchange rates falling back towards $1.60 anytime in the near future.
With that in mind and if you have dollars to sell it is more important than ever to know what tools are available to help you make the most from your currency transfer. As a specialist currency broker I have a range of currency contracts at my disposal, one of them being a Stop Loss Order. A Stop Loss will instruct me to buy your currency at a pre-determined level, it means you can hold out for a better rate, knowing that you are protected against further adverse market movements.
For more information on the different types of currency contracts or to find out what rate I can offer, use the link below to complete the contact form or call me directly on 0044 (0) 1442 892 065.
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