OLIVER Jones, associate at Sandside-based CrossbarFX, offers his expert opinion on what the future holds for the pound.

Where is the Pound heading next?

The next key event is the Bank of England Monetary Policy committee meeting scheduled for July 14. All eyes will be on the Bank of England to see whether or not interest rates are cut.

Mark Carney, Governor of the Bank of England, said earlier this week some monetary policy easing will likely be required over the summer.

This will likely come in the form of an interest rate cut. Given the uncertainty any future interest rate cuts will likely lead to further drops in the pound.

Positive economic data readings may have the potential to boost the pound. On July 7 the UK manufacturing and Industrial production is due out. However this may provide further disappointment for those hoping to see a Sterling rally as the worries that have impacted investment decisions are likely to intensify following Brexit.

As a result this may weigh on the readings. Negative readings are likely to cause the pound to fall further.

Oliver suggests it is not all doom and gloom, however a continued fall in the value of the pound may cause an increase in demand and therefore in the long-run offer some support to Sterling.

Overall the general feeling in the market is there are tough times ahead for the pound.

Moving money abroad

Transferring money in the UK is simple, the most common way to move money from one account to another is by Faster payment, this is normally cost and hassle free.

Transferring money internationally can be complex and expensive. To move money internationally individuals and business have two option, their bank or a specialist currency broker.

When transferring money internationally it is important to consider the exchange rate and the additional fees involved. Many foreign exchange providers, banks and brokers, have hidden fees as well as taking a margin on the exchange rate.

It is typical for a bank to charge in the region of 4-7 percent. Given the pounds recent fall, ensuring you receive the best exchange rate is essential.

When transferring funds internationally it is essential to make sure the transaction is as transparent as possible. Your first question for your bank or broker should be what are your fees and what is your margin?

Forward contract, orders and plans

Given the extreme volatility that has resulted from the Brexit decision many people are seeking to protect their foreign currency exposure. The best way to protect against unfavourable exchange rate movement is by using a range of tools including forward contracts, rate watches and orders.

We have certainly seen an increase in demand from those in the agricultural sector who have single farm payments and future receivables, seeking to lock in today’s favourable exchange using a future dated contract.