Pound Sterling GBP Forecast for Misery as 'Brexit' Aftermath brings no Relief

June 23, 2016 - Written by John Cameron

STORY LINK Pound Sterling GBP Forecast for Misery as 'Brexit' Aftermath brings no Relief

The Pound has crashed across the board of late, due to the 'Leave' campaign winning a majority vote in the EU Referendum.

The Pound has been a high-risk option today, owing to the looming announcement of the EU Referendum results, which are due to start coming in past 11pm tonight.

Pound Sterling (GBP) Exchange Rates Cool with EU Referendum Too Close to Call

The Pound Sterling (currency : GBP) gave up some ground against the other sixteen most actively traded global currencies late yesterday following the publication of last minute polls suggesting that the result of today’s UK EU Membership Referendum is too close to call.

The final survey from polling organisation Opinium put support for the ‘Remain’ campaign at 44% versus 45% for ‘Leave’, while TNS found that ‘Leave’ was leading by 43% to 41%, with a massive 16% of respondents still undecided.

President of the EU Commission Jean-Claude Juncker Warns 'Out is Out'

British politicians of all hues criss-crossed the nation yesterday attempting to sway this all-important ‘undecided’ group. Meanwhile, on the other side of La Manche, President of the EU Commission Jean-Claude Juncker, warned that no renegotiation of UK Prime Minster David Cameron’s recent deal with Brussels was possible, regardless of the outcome of today’s plebiscite.

Junker advised that, ‘the British policy makers and British voters have to know that there will be no kind of any renegotiation,’ before going on to counsel that, ‘we have concluded a deal with the Prime Minister, he got the maximum he could receive and we gave the maximum we could give.’

Juncker summed up the situation by asserting that, ‘there will be no kind of renegotiation, nor on the agreement we found in February, nor as far as any kind of treaty negotiations are concerned.’
He then concluded by emphatically stating that –

‘Out is out.’

Leading betting exchange Betfair (PPB.L) suggested that the implied percentage chance of a vote for Brexit stood at 24% as of the latter stages of yesterday’s New York equities session.

The percentage chance of such an outcome had been well below 20% earlier in the week. If the ‘Leave’ campaign does enjoy a late surge of support which sees it win the day, then the Pound Sterling is forecast to plummet. In such a circumstance, parity will rapidly become a target for the Pound euro exchange rate GBP EUR.

International Money Transfer? Ask our resident FX expert a money transfer question or try John's new, free, no-obligation personal service! ,where he helps every step of the way, ensuring you get the best exchange rates on your currency requirements.

TAGS: Pound Sterling Forecasts