Odds of a UK recession in the spotlight - FXStreet

Valeria Bednarik, Chief Analyst at FXStreet, notes odds of a UK recession are now in the spotlight, currently surging above a 60%, based on market projections.

Key Quotes

The British Pound fell a whooping amount of 1,800 pips against the greenback, sinking from 1.5016 to 1.3226 after polls showed Britons chose to leave the EU.

All of the GBP crosses were subject of violent swings, and volatility will likely remain elevated during the upcoming days, as political and economic uncertainty have reached unseen levels after the kingdom's decision.

Odds of a UK recession are now in the spotlight, and surged above a 60%.

After London's opening, Prime Minister David Cameron announced his resignation,  to be effective next October,  stating that "I do not think it would be right for me to try to be the captain that steers our country to its next destination.