January 28, 2021 - Written by James Fuller
Demand for both the Pound and South African Rand continues to leave the British Pound to South African Rand (GBP/ZAR) exchange rate’s movements volatile. The Pound is attempting to benefit from weakness in rival currencies, but the market’s mood continues to slightly benefit the South African Rand as well. Overall, uncertainty remains a key factor in the pair, and coronavirus developments will continue to dominate the direction of movement.
Since opening this week at the level of 20.71, GBP/ZAR has been trending with an upside bias. While the pair has been struggling to sustain its gains, it has touched on highs multiple times in the past few days.
Find out how to secure the best exchange rates on your money transfers here
Despite the lingering threat of a no-deal Brexit and a cautious Bank of England (BoE), the British Pound to Euro (GBP/EUR) exchange rate is holding most of its recovery attempt this week. The Euro has seen little impact from news and currency movement in recent sessions, leaving Brexit speculation to be the primary cause of the pair’s movement – which could persist until there is a more concrete outcome for the Brexit process.
Since opening this week at the level of 1.0920, GBP/EUR has been trending with an upside bias, attempting to recover last week’s losses.