Sterling likely to stay under pressure

"Brexit" process and timeline likely to dominate financial markets for months to come...

Monday 24th June at 12:30 - £1.00 GBP = 1.20 EUR

Regardless of which side of the debate you have been on, it's undeniable the words 'Brexit' and referendum have got on people's nerves due to their over-use these last few months. Unfortunately, they are set to remain in everyday use when it comes to financial, currency and stocks & Shares markets.

Last week's vote by the British public to leave the European Union has ensured our newspapers and TV news shows will be dominated by issues surrounding this subject.

The next and most imminent process on the agenda is for a new prime minister to be defined following which a discussion can be had on how and in which fashion to invoke "Article 50" - the right of any EU member to leave the union. EU spokesmen and key figures have all called for the UK to do this as quick as possible, however, while we still need to identify the prime minister to do this they may be waiting a while.

Sterling is, as expected, likely to stay under pressure for the foreseeable future. The UK now heads into a period of considerable uncertainty, this leaves the pound susceptible to further weakness.

GBP/USD Pairing

Friday's GBP/USD European/New York trading rate was $1.32 - $1.39, this week's trading range will by no means be restricted to that. Should markets encounter further anxiety, sterling could bear the brunt.

GBP/EUR Pairing

GBP/EUR also saw significant weakness, however, with the current situation extremely negative for the EU and eurozone, damage encountered against the shared currency should be limited to an extent.

Extended trading hours between 20–27 June 2016

Trading hours

Monday 27th June – 6:00am – 10:00pm

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