Don’t write off Sterling prematurely

[Nadilapars]

Last June’s post-Brexit vote sent GBP values plummeting against EUR and pretty much every international currency as the market tried to price in the negative implications for the UK economy. As unexpected as the vote to leave was, the market reaction – perhaps overreaction – was entirely predictable. The vote was preceded and followed by a raft of analyst predictions of a weak GBP amid fears Britain’s economy would grow more slowly outside of the EU. 

However, amid the eye-catching headlines, pro-Brexit economists said that leaving the EU would cause a shallow downturn at first but would end up boosting the UK economy in years to come. 

GBP RECOVERS DESPITE GLOOMY PREDICTIONS 

Despite difficult Brexit negotiations and the continued uncertainty surrounding the UK’s relationships with the EU going forward, GBP’s subsequent recovery says plenty about its historical importance and longevity and that needs to be factored in when predicting its future value. 

GBP’s is the oldest actively traded currency on the foreign exchange market, it’s also one of the most popular currencies traded on forex as a result that London is one of the biggest trading hubs in the world. 

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