This month the 160,000 Tory members will vote on who they want to be the next Prime Minister and the verdict will be announced on the 23rd July. If the polls are correct and Boris takes over at No. 10, the chances of crashing out of the EU without a deal increases (some analysts are suggesting we’re seeing this partly priced into Sterling exchange rates already), therefore there is an expectation the GBP/EUR exchange rate will face further downward pressure. However if Jeremy Hunt manages to beat the odds and win, the GBP/EUR rate could recover some of the losses it has seen over the last 8 weeks. Overall it is a tricky period to predict exchange rates and it does look like rates will remain fairly range bound (€1.1130’s - €1.1230’s) over the coming week.