The British pound takes a pounding: Expect further sterling weakness

The British pound is now the “de facto official opposition to the government’s policies” according to HSBC currency strategist David Bloom.

It’s been a rocky few days for sterling as the currency has reacted to speculation of a “hard Brexit” which would effectively sever the UK’s relationships with European trading partners overnight.

Over the past month, the pound has lost 7.7% of its value against the US dollar, extending losses which began at the end of June after the results of the Brexit vote were made public. Many Wall Street analysts . . .

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