Pound falls to lowest levels since 1985 on shock ‘Brexit’ result

Alastair Archbold FX Manager - Pound falls as latest poll suggests ‘Brexit’ is a real possibility Written by:
Alastair Archbold
FX Manager
T: 01442 892 066

In a shock result that markets did not see coming, the UK has voted to leave the EU. Sterling has fallen to its lowest levels since 1985, dropping to $1.35 against the Dollar, and €1.20 against the Euro, before recovering slightly.

It’s a 10% drop so far, which is twice as far as Black Wednesday in 1992. View live charts here.

“Unprecedented times in the currency markets, the likes of which we haven’t seen in decades”
said Robin McEwen, Managing Director at Foremost Currency.

“Black Wednesday saw falls of 4.3% for Sterling in 1992, we’ve seen twice that so far this morning”
said Alastair Archbold, Foremost Currency Groups FX Manager.

More to follow…..

GBP/USD exchange rate graph


GBP/EUR exchange rate graph