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 believe the currency will weaken further as UK policymakers…