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The Worst is Yet to Come - Don't be Seduced by the Price Action
After plummeting 18.6 cents, mostly in a few hours after it became clear that the Brexit would carry the day, sterling has rallied four cents from the low set on Monday. We recognized that the magnitude of the drop left sterling technically over-extended, but we caution against suggests that the worst is behind us and that a durable low is in place. This week's high so far was recorded on Monday around $1.3565. Today's high has stopped short of this, and beyond it is last week's close near $1.3680. Sterling's firmer tone does not have anything to do with positive developments in the UK. The Tory leadership contest is ... (full story)
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