With Brexit negotiations drawing to a close the outcome looks more uncertain than ever. Sentiment towards the pound can change on a daily basis as rumours circulate of a potential deal or no deal agreement being reached. As a result the already difficult task of protecting immediate or future exposures becomes even more challenging.
However with added volatility comes added opportunity to benefit from these current trading conditions. The table below illustrates the ranges experienced by sterling against the US dollar over the last 3 months.
In both September and October GBPUSD moved more than 500 points and only just under that figure in August. Movements can take place during the day or night and can happen over only a matter of a few hours. One tool that can be used to take advantage of these fluctuations is a market order. A market order allows you to specify both the rate you wish to target and the amount of currency you wish purchase once that rate is achieved.
Market orders are free to submit, cancel or amend and run 24 hours a day. Once in place you will then be able focus on other tasks, safe in the knowledge that you have a working order in the background.
With such large daily and weekly swings it is certainly worthwhile exploring the benefits of a market order in these volatile and uncertain times.