Pound Remains on Path of Steady Decline

The Friday’s flash crash of the Great Britain pound did not result in panic sell-off as some might have expected, but the currency remained on the path of steady decline.
The sterling crashed to a new 31-year low on Friday due to unknown reasons only to recover minutes later. While the crash was written off as an erroneous trade, concerns about the Brexit remained, keeping pressure on the currency. There were reports that Britain’s exit from the European Union will cost billions of pounds.
GBP/USD dropped from 1.2359 to 1.2300 as of 9:34 GMT today. EUR/GBP rose from 0.9008 to 0.9031.

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