You would have to have been living in a cave to not have witnessed the fall in Sterling following the vote to leave the EU. There is huge uncertainty surrounding the UK economy. We have seen positive data releases which would usually cause pound strength do little.
Another factor which should have caused pound strength was Mark Carney, governor of the Bank of England stating he would stay in his position until after Brexit negotiations should have restored some kind of certainty to the UK economy. It did nothing, a 40 pip move on GBP/EUR which quickly readjusted.
There is the possibility of a rate cut tomorrow which would cause a further drop for Sterling. If you are a pound seller I don’t think there is much point hanging on until after the event as even if there is no cut I would not expect any significant rally for the pound and there is very little to signal a rise for the pound short term.
I doubt there will be any change as Carney has been questioned over the drop just after Brexit. A further drop to new record lows would definitely put the BOE under scrutiny.
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