The median estimate for GBP/USD by year end is 1.27 according to Bloomberg' survey of its best 10 forecasters
The cited reasons for the expected further decline are familiar:
- Uncertainty on Britain's new relationship with the EU
- With new UK PM May suggesting she'll wait until 2017 before triggering the formal EU exit procedure, "companies' investment decisions could be delayed for months and consumer confidence may be hurt"
- Potential for the BOE to introduce a raft of stimulus measures in less than three weeks that would probably weaken the pound
More at Bloomberg here
What do the contrarians think?