Loading...
Best Exchange Rates

Home pages - full list (A-Z)

United Kingdom – Forex Guides, Reviews & News

Welcome to the Global Living site for UK users of BER. Here we look at all things related to the British Pound including daily market updates keep our customers aware of the latest GBP exchange rates, charts and rate changes in the major GBP cross currency pairs. Basically everything to help you get maximum bang for your pound abroad!

 

 

British pound general info

The British pound (ISO: GBP) is one base unit of sterling – that being the name of Britain's currency – and is subdivided into 100 pence.

Contributing to around 13% of all foreign exchange deals, the pound, or sterling, is the world’s fourth most traded currency.

Reputedly, sterling is 1200 years old. It is said that Anglo-Saxon traders used silver pennies in the eighth century called ‘sterlings’, 240 of which would equal one pound in weight.

Due to its membership of the European Union, Britain could have adopted the euro as its currency upon its introduction in 1999, however the British government opted against this because it wanted to retain monetary policy independence and because it perceived euro adoption as offering only small economic benefits.

In recent years, the most significant event to affect sterling’s valuation was the UK’s vote to leave the European Union on June 24th 2016 – a day on which the exchange rate for GBP/USD fell by as much as 11%.

In the past two decades, the pound’s highest valuation against the dollar occurred in November 2007 when GBP/USD reached 2.1161. Its lowest value came in October 2016, three-and-a-half months after the historic ‘Brexit’ vote, when GBP/USD reached 1.1905.

Market Outlook for the British pound sterling

GBP/USD – 3 year chart

20-February-19: Given Brexit uncertainties, 2018 wasn’t too bad of a year for the pound. Although it lost 7.5 percent of its value against the US dollar, it only lost 1.9 percent against the euro and gained nearly 3 percent against the Australian dollar.

In early 2019, the pound has been resilient, having gained several percent against most of the other G10 currencies despite UK politics being in a state of disarray and with all Brexit options still on the table. Sterling remains well down when compared with its recent history though: at the time of writing, against the US dollar it was 12 percent lower than levels prior to the UK’s EU referendum in June 2016.

Pound forecasts are futile given uncertainties over Brexit but estimates can be made for different outcomes. Currency analysts at HSBC said in February that sterling would be valued at levels near US$1.10 in the event of no-deal, near US$1.45 with a deal and at US$1.55 should Article 50 be revoked and Brexit cancelled. GBP/USD was quoted at US$1.305 at the time of this report.

British Pound (GBP) News and Updates

Japan Allows Fintech Payments Specialists to Compete with Banks

Japanese Yen JPY Currency News and Forecasts

The Japanese FSA has announced it will finally remove a ¥1 million (US$9,000) cap on cross-border money transfers handled by non-banking entities, paving the way for a major overhaul of Japan’s remittance industry.

21 Feb, 2019 by Joel Wright - Last updated:21 Feb, 2019

Pound at 2-Week High Ahead of May-Juncker Brexit Meeting

The British pound was in high demand on Tuesday ahead of an important meeting between British PM Theresa May and EU officials, at which investors are hoping for a Brexit breakthrough.

19 Feb, 2019 by Joel Wright - Last updated:19 Feb, 2019

Euro to Strike 20-Month Low This Week; $1.12 Beckons

Those intending to pick up euros this week should consider heeding warnings offered by MUFG. The bank expects the euro to move towards cheaper levels in the coming days and it would therefore be unwise to pay rates offered on Monday.

18 Feb, 2019 by Joel Wright

More GBP News

 

Popular Articles – United Kingdom

Order Online for Cheap Currency Exchange Deals in UK

We show you how to pre-order foreign cash online for better currency exchange rates and save money for your next trip.

18 Jul, 2018 by BER Team - Last updated:18 Feb, 2019

Best Travel Money Exchange Rates in London

In this article we show you how to save money if you find yourself looking for Foreign Cash in London.

2 Jul, 2018 by BER Team - Last updated:5 Dec, 2018

OFX & BestExchangeRates – Zero fee offer

OFX has partnered with BestExchangeRates to offer you fee free money transfers. If you register with OFX using the below BestExchangeRates FX partner deal promo code link you won’t pay the usual fees* for transfers. OFX – zero fee offer OFX is the new unified brand name for OzForex, USForex, UKForex, NZForex, and CanadianForex It […]

23 Nov, 2017 by BER Team - Last updated:23 Nov, 2018

Best exchange rates sending money from UK

The holy grail when you send money abroad is finding an organisation that you can trust and one that offers the best exchange rates along with transparent, smart and straightforward customer service.

18 Jul, 2018 by BER Team - Last updated:24 Jul, 2018

More Guides

 

Money Transfer Provider Reviews – UK

Travelex UK

In this article we take a look at Travelex UK exchange rates and foreign currency services.

21 Jun, 2018 by BER Team - Last updated:21 Feb, 2019

WorldFirst – Review and Compared

WorldFirst is a leading foreign exchange and international transfers provider offering a fast international payments process and industry best rates. Simply open an account online, it only takes a couple of minutes, costs nothing and is obligation free. Compared with banks, you can usually save between 0.5% and 3% of the amount transacted – putting […]

5 Feb, 2018 by BER Team - Last updated:21 Feb, 2019

TransferWise Reviewed

TransferWise has been making waves in the global payments market since it came on the scene back in 2011 and is undoubtedly one of the best services for sending money across borders.

16 Jun, 2018 by BER Team - Last updated:21 Feb, 2019

More Reviews

 

Currency Exchange by Location in the UK

Best Travel Money Exchange Rates in London
Best Travel Money Exchange Rates in Birmingham
Best Travel Money Exchange Rates in Glasgow
Best Travel Money Exchange Rates in Manchester
Do NOT follow this link or you will be banned from the site!