Sterling heads for a fall as political upheaval looms
A hard Brexit followed by a hard-left Labour government is an increasingly likely prospect that would lead to significant capital flight
Last March, this column argued that sterling exchange rates were severely undervalued and that in all likelihood sterling would appreciate following a deal between the EU and Britain.
When the withdrawal agreement was announced in early April, sterling rallied and EUR/GBP moved to levels of around 0.86. Sterling was set to rally across the board once the British parliament voted to pass the withdrawal agreement. We all know what has happened in the interim.
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