GBPAUD has slipped into fresh lows of late as uncertainty over the pound remains the main driver on the currency pair. Expectations that the market will just quickly rebound seem highly unlikely to me, I would personally be concerned about further developments that would negatively impact the pound. This is great news for anyone buying the pound with Aussie dollars but bad news for anyone buying Aussie dollars with pounds. GBPAUD has now dropped almost 30 cents in a very short space of time creating headaches for anyone looking to send money to Australia. Unfortunately if you have a currency transfer to make buying or selling the pound and Australian dollar market events are very unpredictable at the moment.
The pound has of course dropped because of the Referendum result. There is still a large degree of uncertainty over just how this will all work in practice, if you have a transfer to consider making some plans in advance is strongly recommended as this story has only just begun. It is going to take months, maybe years for the UK to fully leave the European Union. This is only likely to weigh further on the currency, personally I would not be hopeful of any quick improvements in the exchange for Australian dollar buyers.
If you have a transfer to consider making some plans in advance is sensible to try and mitigate against probably losses. The pound is only likely to come under further pressure in the coming months so if you need to buy AUD buying sooner rather than later is sensible, if you need to sell Aussies selling sooner rather than later is probably the best bet. For more information at no cost or obligation please speak to me Jonathan on [email protected]