This morning saw the GBP/USD cross continue to rise with the currency pair climbing to a fresh six month high of $1.2873.Although the pound has edged slightly lower over the course of today's trading session, the current rate of exchange is still around three cents higher than yesterday morning.
Sterling is still benefitting from Theresa May's surprise announcement to call a general election on the 8th June. However, with the official Brexit negotiations set to begin before the end of April we could easily see the pound come under pressure again and give up the ground it has made over the past two days.
With GBP/USD currently trading at its highest level for over six months and with so much uncertainty over the impact Brexit talks will have on the UK economy, if you have a requirement to buy dollars then it could be worth taking advantage of the recent gains.
We have seen the GBP/USD cross climb rise over six per cent since the middle of March, and the recent move has made quite a difference to the cost of a transfer. Converting £250,000 in dollars today will now achieve you around $18,000 more than a month ago.
GBP/USD graph
Contact me today if you are looking to buy dollars.
If you have an upcoming requirement to buy dollars and want to take advantage of the best exchange rate for over six months, contact me today for a free consultation.
A popular tool for clients with an upcoming transfer is a ‘Forward Contract’. This allows you to secure the current exchange rate for up to 2 years, by lodging 10% of the total you need to convert.
This protects you against the rate moving against you, and also allows you to budget effectively.
We also offer significantly better exchange rates than high street banks offer, meaning you could save thousands on your currency exchange.
