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Bookmaker expects pound to hold on, but betting on new lows is hardly a long shot

Tuesday, October 4, 2016 7:49
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Having slumped to its lowest level since the mid-eighties, punters are seemingly betting that things won’t get too much worse for the British pound.

On Tuesday the pound reached down to 1.2671 against the US dollar, a level last seen in 1985.

The pound is favoured to remain above US$1.20, with online bookie Betway giving short odds of 4/9.

Nevertheless, Betway also offers 3/1 for the currency pair to drop below the US$1.20 marker at some point before year’s end so it could hardly be called a long-shot either.

Punters can, meanwhile, get 5-1 for the Brexit to tip Sterling down even further to a range of US$1 to US$1.09, which could see it around its weakest ever market of US$1.05, set in 1981.

“The pound has been wobbling ever since the UK’s historic Brexit vote on June 23rd and now punters are looking to capitalise on its weakness by backing it to slip further,” said Betway’s Alan Alger.

It is 50/1 for the pound to drop below US$1 at any point in the rest of 2016.

Story by ProactiveInvestors


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